The value of works in the construction industry, the largest consumer of steel in Mexico, registered a nominal increase (without adjustment for inflation) of 5.8 percent in May, year-over-year. With this increase, 39 consecutive months have accumulated in a positive trend and of them 36 times in double digits, according to SteelOrbis analysis of data from the national statistics agency Inegi.
In real terms (seasonally adjusted data), the annual increase was 4.8 percent. In Mexican currency and considering today's peso-dollar exchange rate, the value of construction industry works in March was the equivalent of $2.94 billion.
Of the 32 states of the country, the value of construction works increased in 18, of which Guerrero and Durango stood out with increases of more than 100 percent.
The 18 entities with growth contribute 59.0 percent of the total. In contrast, the 14 entities where the value of construction works decreased contributed the remaining 41.0 percent.
According to the National Chamber of the Iron and Steel Industry (Canacero), the construction industry is the largest consumer of steel in the country.
However, Inegi data do not go hand in hand with the consumption of steel for construction. In May, rebar consumption decreased 6.1 percent, wire rod consumption decreased 2.2 percent, wire decreased 8.1 percent and steel plate decreased 12.7 percent, year-over-year, according to Canacero data.
In 2023, the construction industry contributed 6.1 percent of Mexico's total GDP ($1.49 trillion), according to data from Mexico's System of National Accounts, reviewed by SteelOrbis.