The value of construction works, the largest consumer of steel in Mexico, decreased in August by 13.1 percent, year-over-year, according to SteelOrbis' analysis of data from the national statistics agency Inegi. Considering the statistics adjusted for seasonality and inflation, in August the annual contraction in the value of construction works decreased by 15.3 percent.
In Mexican currency and considering today's peso-dollar exchange rate, the value of work in the construction industry in August was the equivalent of $2.84 billion.
Of the 32 states in the country, the value of construction works increased in 16. All of them contributed 58.3 percent of the total with $1.66 billion.
The five largest construction economies in the Mexican market in August were Nuevo Leon with construction works worth the equivalent of $316 million (11.1 percent of the national total), Quintana Roo with $192 million (6.8 percent), Jalisco with $181 million (6.4 percent), Campeche with $153 million (5.4 percent) and the state of Mexico with $151 (5.3 percent). Together, the five contribute 35.0 percent of the total.
So far this year, with public data, the construction industry contributed 7.0 percent of Mexico's total GDP ($1.96 trillion), according to data from the Mexican National Accounting System, reviewed by SteelOrbis.