FOCUS | MEXICO
Mexico, industrial construction output by project type (real % change), 2021–30 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Chemical and pharmaceutical plants Manufacturing plants
Metal and material production and processing plants Waste processing plants Total
-2.7 -2.6 -2.7 -2.7 -2.7
-3.1 -4.2 -2.4 -1.8 -3.1
4.1 8.2 1.4
-4.7 3.2
25.3 34.2
1.1 6.4
24.1 -0.8 9.7
25.4
0.7 3.0
-4.4 -4.8 -5.2 -1.1 -4.1
-3.5 -1.0 -1.7 -7.7 -2.9
-2.1 2.4 3.6 0.7 2.2
2.3 3.0 3.8 1.1 2.6
2.4 2.9 3.2 1.7 2.6
2.4 2.9 3.2 1.7 2.6
Mexico, manufacturing orders indicator (IPM), in seasonally adjusted terms 60
50 40 30 20 10 0
Source: BCRP GlobalData.
manufacturing value-add declined by 0.7% year on year in Q4 2025, following declines of 1.8% in Q3 and 0.3% in Q2, resulting in a 0.5% annual contraction in 2025 after a 0.1% decline in 2024. The Manufacturing Orders Indicator (IPM) stood at 50.2 in February 2026, down from 51.5 in January but above 47.3 in December 2025, with an average of 50.9 in the first two months of 2026 compared to 50.7 a year earlier, while the index fell by 1.9% overall in 2025. Manufacturing confidence measured 48.1 in February 2026, slightly below 48.3 in January and 48.5 in December, with a two- month average of 48.2 – down 5.5% year on year – and a 6.9% decline over 2025. Meanwhile, merchandise exports grew by 8.1% year on year in January 2026, rising from MXN830.5bn ($44.4bn) to MXN897.8bn ($48bn), following strong gains in late 2025. While industrial production increased by 2.4% year-on-year in December 2025 after earlier declines, though the annual index fell by 1.3% in 2025; within this, manufacturing output rose marginally by 0.1% while mining declined by 6.5%. In project developments, Chinese automotive firm Zhongding began construction of a new manufacturing facility in Querétaro in January 2026, covering 60,000m2 37,000m2
with an initial phase of , and scheduled for completion in early
2027 to enhance supply chain responsiveness and support North American clients.
ochmagazine.com | Summer 2026 15
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