Mexico Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027
Summary
GlobalData expects Mexico’s construction industry to grow by 1.6% in real terms in 2023, following sluggish growth of just 0.3% in 2022. This pick-up in growth will be supported by ongoing economic growth and an increase in corporate nearshoring investment and public infrastructure investment. According to the National Institute of Statistics and Geography (INEGI), the construction industry recorded positive growth in Q1 2023, expanding by 2.1% year on year (YoY), and gross fixed capital formation on buildings rose by 3.2% in the first three months of 2023. This growth was driven by the non-residential buildings sector, which increased by 7% YoY during the same period.
Demand for new housing properties is expected to remain low in 2023, forcing developers to reassess the feasibility of planned residential developments. The slowdown in the residential sector is also attributed to high inflation, high interest rates, and an increase in household debts. However, house prices remain high, this is in large part due to cost increases and high foreign direct investment, especially for high-value developments. The nationwide average house price index rose by 8.9% in 2022, following increases of 7.9% in 2021 and 5.8% in 2020, according to the Sociedad Hipotecaria Federal (SHF). The construction industry is expected to register annual average growth of 2.6% in 2024-27, supported by investment in major infrastructure and energy projects. In March 2023, the Ministry of Infrastructure, Communications and Transport (SICT) announced its plan to direct MXN352 billion ($18.9 billion) in investment to implement 541 infrastructure projects during 2023-2025, which will help to support activity. In addition to this, the government’s plan to increase the share of renewable energy in the total energy mix from 6% in 2021 to 21% by 2030, would help in driving investments into the renewable energy infrastructure
This report provides detailed market analysis, information and insights into Mexico’s construction industry, including -
- Mexico’s construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Mexico’s construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline
This report provides a comprehensive analysis of the construction industry in Mexico’s. It provides -
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Mexico’s, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Mexico, Key Economic Indicators
- Table 3: Mexico, Commercial Construction Output by Project Type (Real % Change), 2018-27
- Table 4: Mexico, Top Commercial Construction Projects by Value
- Table 5: Mexico, Industrial Construction Output by Project Type (Real % Change), 2018-27
- Table 6: Mexico, Top Industrial Construction Projects by Value
- Table 7: Mexico, Infrastructure Construction Output by Project Type (Real % Change), 2018-27
- Table 8: Mexico, Top Infrastructure Construction Projects by Value
- Table 9: Mexico, Energy and Utilities Construction Output by Project Type (Real % Change), 2018-27
- Table 10: Mexico, Top Energy and Utilities Construction Projects by Value
- Table 11: Mexico, Institutional Construction Output by Project Type (Real % Change), 2018-27
- Table 12: Mexico, Top Institutional Construction Projects by Value
- Table 13: Mexico, Residential Construction Output by Project Type (Real % Change), 2018-27
- Table 14: Mexico, Top Residential Construction Projects by Value
- Table 15: Mexico, Key Contractors
- Table 16: Mexico, Key Consultants
- Table 17: Mexico, Construction Output Value (Real, $ Million)
- Table 18: Mexico, Construction Output Value (Nominal, MXN Billion)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Latin America, Construction Output (Real % Change), 2021-27
- Figure 2: Mexico, Construction Output by Sector (Real % Change), 2021-23 and 2024-27
- Figure 3: Mexico, Risk Summary
- Figure 4: Mexico, Risk Regional Comparison
- Figure 5: Mexico, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2018-27
- Figure 6: Mexico, Construction Output Value, by Sector (Real, $ Million), 2018-27
- Figure 7: Mexico, Construction Value-Add, 2013 Prices (MXN Billion)
- Figure 8: Mexico, Construction Confidence Index, In Seasonally-Adjusted Terms
- Figure 9: Mexico, Gross Fixed Investment Index (2013=100)
- Figure 10: Mexico, Construction Production Volume Index (2013=100)
- Figure 11: Mexico, Construction Projects Momentum Index
- Figure 12: Latin America, Construction Projects Momentum Index
- Figure 13: Mexico, Commercial Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 14: Mexico, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 15: Mexico, Total International Tourist Arrivals (in Thousands)
- Figure 16: Mexico, Wholesale and Retail Trade Value Add (MXN Billion, 2013 Prices)
- Figure 17: Mexico, Value-Add of Artistic, Cultural, Sports and Other Related Activities (MXN Billion, 2013 Prices)
- Figure 18: Mexico, Commercial Trade Confidence Index, In Seasonally-Adjusted Terms
- Figure 19: Mexico, Industrial Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 20: Mexico, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 21: Mexico, Manufacturing Value Add (MXN Billion, 2013 Prices)
- Figure 22: Mexico, Manufacturing Orders Indicator (IPM), In Seasonally-Adjusted Terms
- Figure 23: Mexico, Manufacturing Confidence Index, In Seasonally-Adjusted Terms
- Figure 24: Mexico, Industrial, Manufacturing and Mining Production Volume Indices (Unadjusted, 2013=100)
- Figure 25: Mexico, Total Merchandise Exports ($ Billion)
- Figure 26: Mexico, Infrastructure Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 27: Mexico, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 28: Mexico, Construction Production Volume Index for Civil Engineering Activities (2013=100)
- Figure 29: Mexico, Value Add of Civil Engineering Activities, In 2013 Prices, In MXN Billion
- Figure 30: Mexico, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 31: Mexico, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 32: Mexico, Generation, Transmission and Distribution of Electrical Energy Value Add (MXN Billion, 2013 Prices)
- Figure 33: Mexico, Telecommunications Value Add (MXN Billion, 2013 Prices)
- Figure 34: Mexico, Production Volume Index for Oil and Gas Extraction (2013=100)
- Figure 35: Mexico, Electricity Production Volume Index (Unadjusted, 2013=100)
- Figure 36: Mexico, Institutional Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 37: Mexico, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 38: Mexico, Value Add of Education, Health and Social Care Services, 2013 Prices, % Change YoY
- Figure 39: Mexico, Residential Construction Output by Project Type (Real, $ Million), 2018-27
- Figure 40: Mexico, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 41: Mexico, Real Estate Services Value Add (MXN Billion, 2013 Prices)
- Figure 42: Mexico, House Price Index (2017=100)
- Figure 43: Mexico, Gross Fixed Investment on Residential Buildings, 2013=100
- Figure 44: Mexico, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 45: Mexico, Headquarters of Key Consultants (% of Total Project Pipeline)
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook