The value of construction work in the construction industry, the largest consumer of steel in Mexico, fell 18.7 percent year-over-year in October. This is the fifth consecutive annual decline, after 39 months of uninterrupted growth, according to SteelOrbis' analysis of data from the national statistics agency Inegi.
Considering the inflation-adjusted statistics, in October the annual contraction in the value of construction work decreased 22.4 percent, the sixth consecutive annual decline.
In Mexican currency and considering today's peso-dollar exchange rate, the value of construction work in October was the equivalent of $2.75 billion.
Of the 32 states in the country, the value of construction works increased in 13, which contributed 44.3 percent of the total with $1.22 billion, and in 19 it decreased with a value of $1.53 billion, 35.5 percent less (variation measured in pesos) compared to October of last year.
The five largest construction economies in the Mexican market in October were Nuevo León with construction works for the equivalent of $286 million (10.4 percent of the national total), Quintana Roo with $226 million (8.2 percent), Jalisco with $172 million (6.3 percent), Mexico City with $169 million (6.1 percent) and the State of Mexico with $161 million (5.9 percent). Together, the five contribute 36.9 percent of the total with $1.01 trillion
The construction industry contributed 6.8 percent of Mexico's total GDP ($1.81 trillion), according to data from Mexico's National Accounting System, reviewed by SteelOrbis.