Construction value in Mexico up 41.9 percent in December

Monday, 26 February 2024 00:47:33 (GMT+3)   |   San Diego
       

The value of works in the construction industry, the largest consumer of steel in Mexico, registered a nominal increase (without adjustment for inflation) of 41.9 percent, year-over-year, in December. It is the third consecutive increase of at least 40 percent, according to SteelOrbis' analysis of data from the national statistics agency Inegi.

Of the 32 states in the country, in December the value of works grew in 24, of which Quintana Roo stood out with an increase of almost 600 percent. In the southern state of Chiapas it increased 176.7 percent, in Campeche 136.8 percent and in Durango 129.5 percent.

In Guerrero, where Hurricane Otis destroyed the tourist city of Acapulco, the value of the works increased only 58.6 percent and participation in the total is 0.6 percent of the total with $26.5 million.

In contrast, in the eight areas where the value of construction works decreased. Morelos and Tabasco stood out with drops of 24.8 percent and 26.8 percent, respectively. In Mexico City (Mexico's largest economy by its contribution to GDP) it decreased 19.9 percent.

The accumulated value throughout 2023, the value of construction was the equivalent of $38,138 billion, a nominal 29.3 percent more compared to 2022.

Last year, the five largest construction economies in the Mexican market were Quintana Roo with 10.0 percent of the total, Nuevo León with 8.3 percent, Jalisco with 6.8 percent, Campeche 6.6 percent and Sonora with 5.4 percent. Together, they contribute 37.1 percent.

Last year, rod consumption increased 12.3 percent. In contrast, wire rod decreased 1.7 percent and wire consumption decreased 11.6 percent, according to data from the National Chamber of the Iron and Steel Industry (Canacero).

In 2023, the construction industry contributed 6.1 percent of Mexico's total GDP ($1.80 trillion), according to data from Mexico's System of National Accounts, reviewed by SteelOrbis.


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