Mexico Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2028
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Mexico Construction Market Report Overview
The Mexico construction market size was $252.8 billion in 2023. The market will achieve an AAGR of less than 2% during 2025-2028. A high base effect after significant growth in 2023, challenges like high inflation that causes rise in building materials and wages, and cancellation of construction projects will result in the decline of the Mexico construction market in 2024 and 2025. However, investment in renewable energy, transport infrastructure, and manufacturing projects will support market growth during 2026-2028.
Mexico Construction Market Outlook, 2023-2028 ($ Billion)
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The Mexico construction market research report gives a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence the Mexico construction market growth in the coming years.
Market Size (2023) | $252.8 billion |
AAGR (2025-2028) | <2% |
Forecast Period | 2023-2028 |
Historical Period | 2019-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
Key Contractors | · Empresas ICA SAB de CV
· Mota-Engil SGPS · Grupo Carso SA de CV · Grupo Indi · Grupo Azvi |
Key Consultants | · Instituto Nacional de Investigaciones Nucleares
· Ramboll Group · TechnipFMC · McDermott International · SENER Group |
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Mexico Construction Market Segmentation by Sectors
The infrastructure construction sector accounted for the highest market share in the Mexico construction market in 2023
The key sectors in the Mexico construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. An improvement in tourism activity as well as investments in data centers and leisure and hospitality and retail buildings will drive the commercial sector’s growth during 2025-2028.
Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. An increase in manufacturing orders, coupled with investments in the construction of industrial parks and EV manufacturing facilities will drive the sector’s growth during the forecast period.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. Investments in road and railway infrastructure projects will support the infrastructure sector’s output during the forecast period.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Investment in renewable energy projects, in line with the government’s green policy and international mandate of Net-Zero by 2050 will drive sector growth during 2025-2028.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The government’s focus on the development of education and healthcare infrastructure will fuel the growth of the institutional construction sector during the forecast period.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The Ministry of Agrarian, Territorial and Urban Development’s (SEDATU) scheme to tackle the housing deficit by the end of 2024 will drive marginal growth in the sector. Moreover, investment in affordable housing construction will support the residential sector output over the forecast period.
Mexico Construction Market Analysis by Sectors, 2023 (%)
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Mexico Construction Market - Competitive Landscape
Empresas ICA SAB de CV emerged as the leading contractor and Instituto Nacional de Investigaciones Nucleares as the leading consultant in the Mexico construction market in 2023
A few of the leading contractors in the Mexico construction market are:
- Empresas ICA SAB de CV
- Mota-Engil SGPS
- Grupo Carso SA de CV
- Grupo Indi
- Grupo Azvi
Foreign contractors account for a majority share of the project pipeline in the Mexico construction market.
Mexico Construction Market Analysis by Contractors, 2023 (%)
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A few of the leading consultants in the Mexico construction market are:
- Instituto Nacional de Investigaciones Nucleares
- Ramboll Group
- TechnipFMC
- McDermott International
- SENER Group
Mexico-based consultants were involved in most of the project pipeline by value.
Mexico Construction Market Analysis by Consultants, 2023 (%)
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Mexico Construction Market - Latest Developments
- One of the key commercial projects currently in the execution stage is the Nuevo Vallarta Theme Park. The project involves the construction of three different themed parks, including a water park and nature park, as well as three themed resort hotels, and other related facilities.
- The largest industrial construction project in the pipeline is the Monterrey EV Plant project which is currently in the planning stage. The project will involve the construction of a new electric vehicle manufacturing plant, alongside a production unit, a distribution unit, and other business amenities.
Segments Covered in the Report
Mexico Construction Sectors Outlook (Value, $ Billion, 2019-2028)
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy and Utilities Construction
- Institutional Construction
- Residential Construction
Scope
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
Reasons to Buy
• 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.
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Figures
Frequently asked questions
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What was the construction market size in Mexico in 2023?
The construction market size in Mexico was $252.8 billion in 2023.
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What will the Mexico construction market growth rate be during the forecast period?
The construction market in Mexico is projected to achieve an AAGR of less than 2% during 2025-2028.
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Which sector accounted for the highest share of the Mexico construction market in 2023?
The infrastructure construction sector accounted for the highest share of the Mexico construction market in 2023.
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Which are the leading contractors in the Mexico construction market?
A few of the leading contractors in the Mexico construction market are Empresas ICA SAB de CV, Mota-Engil SGPS, Grupo Carso SA de CV, Grupo Indi, and Grupo Azvi, among others.
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Which are the leading consultants in the Mexico construction market?
A few of the leading consultants in the Mexico construction market are Instituto Nacional de Investigaciones Nucleares, Ramboll Group, TechnipFMC, McDermott International, and SENER Group, among others.
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