The value of construction work in the industry, the largest consumer of steel in Mexico, fell 19.5 percent in September, year-over-year. This is the fourth consecutive annual decline, after 39 months of uninterrupted growth, according to SteelOrbis' analysis of data from the national statistics agency Inegi.
Considering the statistics adjusted for seasonality and inflation, in September the annual contraction in the value of construction work decreased 21.6 percent.
In Mexican currency and considering today's peso-dollar exchange rate, the value of construction work in the construction industry in September was the equivalent of $2.67 billion.
Of the 32 states in the country, the value of construction work increased in 18, all of which contributed 60.9 percent of the total with $1.63 billion.
The five largest construction economies in the Mexican market in August were Nuevo Leon with construction works worth the equivalent of $298 million (11.2 percent of the national total), Jalisco with $162 million (6.4 percent), the State of Mexico with $157 (5.9 percent), Mexico City with $155 million (5.8 percent) and Querétaro with $126 million (4.7 percent). Together, the five contribute 33.6 percent of the total.
So far this year, with public data, the construction industry contributed 6.8 percent of Mexico's total GDP ($1.81 trillion), according to data from the Mexican National Accounting System, reviewed by SteelOrbis.