The construction industry, the largest consumer of steel in Mexico, registered a 7.5 percent year-over-year decline in July. It is the second 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 July the annual contraction in the value of construction works decreased 10.4 percent.
In Mexican currency and considering today's peso-dollar exchange rate, the value of construction works in the construction industry in July was the equivalent of $2.87 billion.
Of the 32 states in the country, the value of construction works increased in 18. All of them contributed 63.3 percent of the total.
In July, the five largest construction economies in the Mexican market were Nuevo Leon with construction works worth the equivalent of $321 million (11.2 percent of the national total), Quintana Roo with $249 million (8.7 percent), Jalisco with $182 million (6.3 percent), Mexico City with $147 million (5.1 percent) and the state of Mexico with $140 (4.9 percent). Together, the five contribute 36.2 percent of the total.
The construction industry contributed 7.0 percent of Mexico's total GDP ($1.96 trillion), according to data from Mexico's National Accounting System, reviewed by SteelOrbis.