Fixed investment in Mexico increased 18.1 percent, year-over-year, in April. With this increase, it showed an upward trend of 38 consecutive months. The rebound was driven by private investment, which grew 19.1 percent, more than double the 9.4 percent growth in public investment, according to SteelOrbis' analysis of data from the national statistics office Inegi.
Of the two large components that make up investment, construction increased 11.2 percent, year-over-year. It is the nineteenth consecutive annual increase. Investment in machinery and equipment increased 19.5 percent.
Residential construction increased 11.2 percent. With this increase, it overcame the dip in March, which decreased 4.2 percent, year-over-year.
Nonresidential construction increased 21.5 percent, year-over-year. With this increase, it accumulated 37 months in a positive trend and of them, the last 15 months are in double digits.
According to the Mexican Chamber of the Iron and Steel Industry (Canacero), the construction industry is the largest consumer of steel in Mexico.
In the accumulated January-April period, fixed investment increased 11.9 percent, compared to the same period last year. For the same period, the percentage increase is the highest in the last 26 years.
According to the investment index number (113.1 points) for the January-April period, it is a historical record.