The Global Business Confidence Opinion Indicator (IGOEC), prepared by the National Institute of Statistics and Geography (Inegi) , stood at 48.4 points in March 2026, marking 13 consecutive months below the threshold of 50 units , reflecting a discouraging outlook regarding business perception.

According to figures from the Monthly Business Opinion Survey (EMOE), the IGOEC fell 0.4 points in its monthly measurement , while at an annual rate it fell 0.9 units in the third month of the year.

In the reference month, two of the four industries in the Business Confidence Indicator (BCI) registered increases , with construction showing the largest increase, rising 1.3 points compared to last February, reaching a level of 47.8. Within this sector, the appropriate time to invest was the component that showed the greatest increase, rising 2.7 points on a monthly basis.

During March, the Trade Confidence Index (ICE) rose 0.1 points compared to the previous month, reaching 48.8 points. The country’s future economic outlook was the best-performing component during the period, increasing by 1.8 points month-over-month.

The ICE for manufacturing industries was 47.8 points, 0.5 units less than in February 2026. The monthly behavior of the indicator showed declines in its five components, with the most favorable time to invest being the largest decline (0.7 points).

Meanwhile, the ICE for private non-financial services fell 0.9 points in March 2026 compared to February, settling at 48.5 points. The only component with positive performance was the ” opportune time to invest ,” registering a 0.5-point increase month-over-month.

All four IGOEC indicators fell below the 50-point threshold, reflecting pessimism in business confidence during the cycle, in a global economic environment where uncertainty still prevails, stemming from unilateral trade decisions and geopolitical tensions such as those in the Middle East.

According to Inegi, the IGOEC and the ICE present the opinion of business executives on the economic situation of the country and their companies, so knowing the level of confidence of businessmen influences the perception of integrity and ability of a company to meet its objectives, as well as the decision to invest.

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Mexican industrial activity registered a drop of 1.1% during January 2026 compared to December 2025, according to information released this Friday by the National Institute of Statistics and Geography (Inegi) .

According to figures from the Monthly Indicator of Industrial Activity (IMAI), which allows us to know and monitor the evolution of industrial activity in Mexico, industrial operations also declined in their annual measurement, showing a contraction of 0.1% in the reference month.

During the period, declines were recorded in all four components that make up the IMAI, with the generation, transmission, distribution and marketing of electricity, water supply and natural gas by pipeline to the final consumer showing the greatest decline, with a drop of 1.9% on a monthly basis.

Meanwhile, mining, construction, and manufacturing industries each declined by 1.1% compared to December 2025.

On an annual basis, three of the four components of the IMAI registered increases . The construction sector advanced 5%, and mining 1%. Generation, transmission, distribution and marketing of electricity, water supply and natural gas via pipelines to the end consumer rose 0.6%.

Manufacturing industries was the only activity that declined at an annual rate, with a decrease of 1.7% in the period.

According to an analysis by Grupo Financiero Ve por Más (BX+) , Mexican industrial activity experienced its first monthly decline in four observations and the largest since December 2024.

He explained that, with original figures and annual rate, the indicator returned to negative territory after a respite in December, adding nine contractions in the last 10 readings.

“Although some sluggishness may persist for the remainder of the first quarter of 2026, we anticipate that it will subsequently regain some traction,” the institution emphasized.

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Due to an increase in the construction sector, industrial activity in Mexico showed a slight advance of 0.2% in December 2025 compared to last November, according to information released this Wednesday by the  National Institute of Statistics and Geography (Inegi) .

On an annual basis, the Monthly Indicator of Industrial Activity (IMAI) also registered a positive trend, with an increase of 1.5% in the last month of last year.

According to Inegi, the IMAI allows for understanding and monitoring the evolution of industrial activity in Mexico.

According to the December 2025 figures,  three of the four components of the IMAI (Monthly Index of Industrial Activity) performed positively , with  construction registering the greatest growth, rising 1.2% compared to the previous November. This increase stemmed from progress in infrastructure projects, primarily the Interoceanic Corridor of the Isthmus of Tehuantepec.

Meanwhile, the generation, transmission, distribution, and sale of electricity, as well as the supply of water and natural gas via pipelines to the end consumer, increased by 0.7% month-on-month. Mining saw a monthly increase of 0.5%.

Manufacturing industries was the only component that declined, showing a decrease of 0.1% during December 2025 compared to last November.

In its annual reading , construction advanced 6.8%; and generation, transmission, distribution and marketing of electricity, water supply and natural gas by pipelines to the final consumer, increased 3.9% in the last month of 2025.

Mining showed an increase of 0.5%; and manufacturing industries registered an increase of 0.1% year-on-year.

According to specialists, 2026 will be a year of challenges and opportunities for Mexican industry, which will continue to navigate external risks, such as tariffs, and internal risks, such as a volatile economy.

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The positive pace of Mexican industrial activity from last October continued in November 2025, registering a monthly increase of 0.6%, driven mainly by construction , according to information published this Friday by the  National Institute of Statistics and Geography (Inegi) .

In its annual measurement, the  Monthly Indicator of Industrial Activity (IMAI)  fell 0.1% in the penultimate month of 2025.

According to Inegi figures, two of the four components of the IMAI had a positive performance , with construction registering the greatest progress in November, with 1.6% compared to October 2025.

Manufacturing industries increased 0.5% month-on-month; while mining ; and generation, transmission, distribution and marketing of electricity, water supply and natural gas by pipeline to the end consumer , remained unchanged.

On an annual basis, two components experienced declines. Mining fell by 1%, and manufacturing industries slowed by 0.8% during the period.

Construction showed an increase of 3%; and generation, transmission, distribution and marketing of electricity, water supply and natural gas by pipeline to the end consumer, rose 1.1% annually.

The November rebound in Mexico’s industrial activity represents the third best reading of 2025, only below February and October, whose variations were 2.1% and 0.9%, respectively.

The Monthly Indicator of Industrial Activity allows us to know and monitor the evolution of industrial activity in Mexico, according to Inegi.

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After four consecutive months of negative figures, Mexican industrial activity rebounded 0.7% during October 2025 compared to last September, according to information released this Friday by the  National Institute of Statistics and Geography (Inegi) .

With the increase recorded in the tenth month of the year, the country’s industrial activity points to a positive end to the year, which, however, has been marked by a complex economic scenario and constant trade changes in the world.

Despite the October rebound, the  Monthly Indicator of Industrial Activity (IMAI) showed a drop in its annual measurement, registering a decrease of 0.7% in the reference month.

According to Inegi figures, three of the four components of the IMAI had a positive performance , with manufacturing industries being the only one that declined, with 0.3% compared to September 2025.

Conversely, construction registered the greatest advance, with an increase of 3.8%, followed by generation, transmission and distribution of electricity, water supply and natural gas , with an increase of 1.6% and mining with an increase of 0.7%, all at a monthly rate.

In its annual reading, two components showed declines. Manufacturing industries fell 1.4% and mining slowed 0.7% during the period.

Generation, transmission, distribution and marketing of electricity, water supply and natural gas by pipeline to the end consumer showed an increase of 1.7% and construction rose 1.5% annually.

The Monthly Indicator of Industrial Activity allows us to know and monitor the evolution of industrial activity in Mexico, according to Inegi.

October’s rebound in the country’s industrial activity represents the second-best reading so far this year, only below the 2.1% increase seen in February, when the United States was set to impose tariffs on Mexico.

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According to figures obtained from the  Monthly Business Opinion Survey (EMOE) , this weighting represented a drop of  0.8 points  in relation to September 2025 and  3.4 units  in its annual comparison.

“With this latest observation, the indicator has now remained below the 50-point threshold for eight consecutive months,” Inegi explained.

Meanwhile,  construction  fell 0.6 points  in its monthly comparison; the component that showed the greatest progress was that related to the  current economic situation of the company  with an increase of  0.6 units .

Meanwhile, the  retail sector  confidence indicator fell  0.3 points  in October compared to September 2025, reaching  47.9 units . The largest decline was related to  the company’s future economic outlook,  with a decrease of  1.2 units .

The private non-financial services confidence indicator   fell  1.3 points in October 2025 compared to the previous month and settled at 49.2 points ; the  right time to invest  was the component with the largest decline, falling  4.1 units  during the period.

Last October, the IGOEC registered a decline in all four of its components: manufacturing, construction, trade, and private non-financial services.

Therefore, this indicator did not reach 50 units, reflecting pessimism in business confidence during the period in the face of a challenging global economic environment.

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In August 2025, Mexico’s industrial activity registered its third consecutive contraction, falling 0.3% monthly, according to information from the National Institute of Statistics and Geography (INEGI) .

A complex economic environment, resulting from U.S. trade policy, as well as a decline in the construction and mining sectors , framed the decline in industrial activity in the eighth month of the year, according to figures from the Monthly Industrial Activity Indicator (IMAI) .

According to Inegi, this indicator also fell in its annual measurement, registering a decrease of 2.7 percent .

Two of the four components that make up the IMAI declined during the period. Construction fell 2.2%, and mining fell 0.7% monthly.

On the other hand, manufacturing industries grew by 0.2%, and the generation, transmission, distribution, and marketing of electric power, water supply, and natural gas pipelines to end consumers grew by 1.3%.

On an  annual basis , all four components registered declines. Mining fell 7%; construction 3.2%; generation, transmission, distribution, and marketing of electric power, water supply, and natural gas pipelines to the final consumer 2.4%; and manufacturing 1.7%.

Mexican industrial activity in August showed mixed performance across its components, with the manufacturing industry recovering compared to last July, when it declined 1.6% monthly.

According to  BBVA Research , this sector remains the backbone of foreign trade , representing nearly 90% of exports by the first half of 2025. This reflects the fact that, despite the decrease in the IMAI in the eighth month of the year, the country’s industry remains resilient to global trade changes.

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The consulting firm CBRE Mexico presented an analysis of the CTT (Cuautitlán, Tultitlán, Tepotzotlán) logistics corridor, located in the metropolitan area of Mexico City. According to the report, 76% of the region’s logistics inventory is concentrated in this corridor .

“Mexico City has historically positioned itself as the logistics hub par excellence, with 90% of its tenants being this type of business. This is thanks to its geographic location, as well as the regions of the country it connects. The increase in demand from the e-commerce sector and the need for efficiency in supply chains have driven demand for operators in the logistics sector,” said Francisco Muñoz, Executive Vice President of Industrial and Logistics at CBRE Mexico.

During the first quarter of 2025 (1Q25), the CTT corridor recorded a gross absorption of 198,000 square meters (m²) , equivalent to 65% of the activity in the capital’s industrial market, a trend that has continued in recent years. In 2024 alone, 47% of demand was focused on spaces dedicated to the logistics sector in the CTT.

Likewise, in 1Q25, the construction pipeline in Mexico City reached 508 thousand m² , of which 75% is under development within this corridor.

Regarding rental prices, asking prices have increased by approximately 6% annually. The vacancy rate in the corridor has reached historic lows in recent years, standing at 0.3%, approximately 30,000 m2 ^; while 40% of the spaces under construction are already committed for rent.

Demand in this logistics corridor remains diversified, with 65% coming from the logistics sector and 35% from companies dedicated to diverse manufacturing . Muñoz noted that the consulting firm anticipates the CTT corridor will continue to be a key industrial cluster in Mexico City, with versatile spaces for diverse tenants.

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By sector, mining had a reduction of 2.7% , while manufacturing industries and generation, transmission and distribution of electric power, water supply and natural gas , fell 1.1% on a monthly basis .

Despite the negative figures in other sectors, construction showed an increase of 0.8% , being the only one with monthly growth .

On an annual basis, all sectors experienced significant declines. Miningshowed a 10.1% decrease , followed by electricity, water, and gas , with a 3.4% drop . Meanwhile, manufacturing suffered a 1% decline .

The construction industry reported a 2.1% increase , being the only sector that saw an annual increase.

According to experts, the impact of US tariffs has generated political and economic uncertainty, leading to a decline in Mexico’s industrial activity and a decline in domestic demand for goods and services.

According to Fitch Ratings , Mexico could face a technical recession  as a result of the tariffs imposed by the United States, in addition to the fact that it has cut its growth projection for the country in 2025.

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In this regard, Javier Llaca , member of the ESCALA Advisory Council, highlighted that northern Mexico will continue to lead the industrial market, while the Bajío diversifies its activity towards new sectors and positions itself as a key logistics center .

“In the Bajío, growth continues to be driven by logistics. Cities such as León, Silao, Puerto Interior, Querétaro and San Luis Potosí are seeing a lot of activity in the logistics sector. The automotive industry, compared to other sectors, is beginning to diminish its role in this region, becoming less dependent on the automotive sector,” Llaca said.

In other regions such as the Valley of Mexico and the center of the country, Llaca highlighted good performance in logistics and light manufacturing.

The firm, which specializes in construction project management, identified nearshoring as a growth driver for next year and 2026, as it continues to be a key force for industrial development in Mexico.

“We think that nearshoring could increase by 25% in the next two years, and probably more by 2026,” said Javier Llaca, who added that this growth is supported by the increase in this phenomenon in the sector. “If we look back at 2024, nearshoring had a 12% share in the gross absorption of the entire industrial sector, but with more activity in expansions than in new companies,” he stressed.

In this sense, the arrival of anchor companies, such as BMW and Volvo , is fundamental in this process, since in addition to building their own ships, these companies attract first-class suppliers. “These automakers usually attract several suppliers who set up shop around them, either within the automaker’s premises or on nearby land,” Llaca said, and estimated that “the advanced technology industry, which is Mexico’s second largest exporter to the United States, will see a significant increase during the year.”

In the third quarter of 2024, Chinese companies’ demand for new industrial space contracted by more than 6% compared to the same period last year, raising concerns among Chinese manufacturers about the protectionist measures planned by Donald Trump , the president-elect of the United States.

On the other hand, companies such as Mercado Libre , Bosch and Lego are investing in developments of high technical complexity and great economic impact. “These companies invest a lot in their buildings: although a logistics building seems ‘just a shell’, Mercado Libre invests between 25 and 30 million dollars in each of its regional distribution centers.”

The industrial trend in Mexico remains strong and with prospects of staying high in the coming years, due to nearshoring . In this context, Silvestre Aguilera , Business Development Director at ESCALA, highlighted the continuity of investments such as those of BMW, Volvo and Toyota , the latter with an outlay of 1.45 billion pesos in Tijuana, Baja California.

The hotel sector is also showing significant growth, especially in destinations such as Los Cabos, Riviera Nayarit, Merida and Cancun, and in the southeast, the infrastructure developed last year, such as the Mayan Train , has been an important catalyst. “Everything that was done in infrastructure for Merida and Cancun helps a lot in this development hub, benefiting both the hotel industry and the industrial trend that is beginning to move towards that region,” said Aguilera.

Accelerated growth also brings challenges, especially in infrastructure. The executive warned that mega developments are putting pressure on essential resources such as energy, water and transportation. Another challenge is the availability of qualified labor, said Aguilera, who said that sustainability is taking a central role in the development of projects.

According to ESCALA, despite the shocks that marked 2024, such as political uncertainty and changes in global economic dynamics, the Mexican industrial sector showed resilience.

“In general terms, the net absorption of space, that is, the difference between what is occupied and what is vacated, will be four to five million square meters (m²) more, a figure lower than in 2023, although gross absorption shows a substantial increase compared to the same year. The year 2024 had less activity than 2023 due to the ‘scares’, but in general it was a good year for the industry,” said Javier Llaca.

According to ESCALA’s analysis, the Bajío continues to represent an opportunity for investors and companies looking for industrial space as a result of the relocation of companies in Mexico, as well as the logistics and industrial sector.

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