Mexico Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2028
Summary
Following a strong overall annual growth of 15.6% in 2023, GlobalData expects the Mexican construction industry to decline by 4.5% in 2024 before declining 3.7% in 2025. This trend will be driven by a high base effect after significant growth in 2023, as well as challenges like high inflation – causing building materials and wages to rise, and cancellation of construction projects. For example, in February 2024, the development of 35 wind power generation, collectively worth MXN100.8 billion ($5.8 billion), were halted due to regulatory hurdles, while 559 highway maintenance tenders worth MXN11 billion ($645 million) were cut by Mexico's Secretariat of Communications and Transport (SCT) due to insufficient funding. Additionally, the end of President Andrés Manuel López Obrador’s (AMLO) term in September 2024 will likely lead to significant changes in policy that could drive uncertainty, impacting investor sentiment and dampening new investments in the construction industry.
Over the remainder of the forecast period, the construction industry is expected to register an annual average growth of 2.6% during 2026–28, this will be supported through investment in renewable energy, transport infrastructure and manufacturing projects. For Example, in February 2024, the Mexican retail company, Femsa, announced a plan to expand its business operations in Mexico with an investment of MXN237 billion ($13.9 billion) by 2029. Of this total, around 60-70% will be invested in the construction of new stores.
GlobalData’s Construction in Mexico – Key Trends and Opportunities to 2028 (Q1 2024) report provides detailed market analysis, information, and insights into the Mexican construction industry, including -
- The Mexican 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 the Mexican 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. It provides -
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Mexico, 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
- 8 About GlobalData
- 9 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), 2019–28
- Table 4: Mexico, Top Commercial Construction Projects by Value
- Table 5: Mexico, Industrial Construction Output by Project Type (Real % Change), 2019–28
- Table 6: Mexico, Top Industrial Construction Projects by Value
- Table 7: Mexico, Infrastructure Construction Output by Project Type (Real % Change), 2019–28
- Table 8: Mexico, Top Infrastructure Construction Projects by Value
- Table 9: Mexico, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28
- Table 10: Mexico, Top Energy and Utilities Construction Projects by Value
- Table 11: Mexico, Institutional Construction Output by Project Type (Real % Change), 2019–28
- Table 12: Mexico, Top Institutional Construction Projects by Value
- Table 13: Mexico, Residential Construction Output by Project Type (Real % Change), 2019–28
- 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), 2022–28
- Figure 2: Mexico, Construction Output by Sector (Real % Change), 2022–24 and 2025–28
- Figure 3: Mexico, Risk Summary
- Figure 4: Mexico, Risk Regional Comparison
- Figure 5: Mexico, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28
- Figure 6: Mexico, Construction Output Value, by Sector (Real, $ Million), 2019–28
- Figure 7: Mexico, Construction Value-Add, 2018 Prices (MXN Billion)
- Figure 8: Mexico, Construction Confidence Index, In Seasonally Adjusted Terms
- Figure 9: Mexico, Gross Fixed Investment Index (2018=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), 2019–28
- 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, 2018 Prices)
- Figure 17: Mexico, Value-Add of Artistic, Cultural, Sports and Other Related Activities (MXN Billion, 2018 Prices)
- Figure 18: Mexico, Commercial Trade Confidence Index, In Seasonally Adjusted Terms
- Figure 19: Mexico, Industrial Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 20: Mexico, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 21: Mexico, Manufacturing Value Add (MXN Billion, 2018 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, Total Merchandise Exports ($ Billion)
- Figure 25: Mexico, Infrastructure Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 26: Mexico, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 27: Mexico, Construction Production Volume Index for Civil Engineering Activities (2018=100)
- Figure 28: Mexico, Value Add of Civil Engineering Activities, In 2018 Prices, In MXN Billion
- Figure 29: Mexico, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 30: Mexico, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 31: Mexico, Generation, Transmission and Distribution of Electrical Energy Value Add (MXN Billion, 2018 Prices)
- Figure 32: Mexico, Telecommunications Value Add (MXN Billion, 2018 Prices)
- Figure 33: Mexico, Production Volume Index for Oil and Gas Extraction (2018=100)
- Figure 34: Mexico, Institutional Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 35: Mexico, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 36: Mexico, Value Add of Education, Health, and Social Care Services, 2018 Prices
- Figure 37: Mexico, Residential Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 38: Mexico, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 39: Mexico, Real Estate Services Value Add (MXN Billion, 2018 Prices)
- Figure 40: Mexico, House Price Index (2017=100)
- Figure 41: Mexico, Gross Fixed Investment on Residential Buildings, 2018=100
- Figure 42: Mexico, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 43: 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