Overview
- INEGI reported industrial activity down 0.4% from August and 3.3% from a year earlier in September 2025.
- Construction fell 2.5% month over month, with building activity down 3.2% and civil engineering works down 3.0%.
- Mining rose 0.7%, utilities increased 0.4% and manufacturing edged up 0.2% on the month, even as many manufacturing branches show year‑over‑year declines.
- The September figures corroborate a 0.3% contraction in Mexico’s GDP in the third quarter and leave January–September industrial output down 1.8%, the steepest non‑pandemic drop since 2009.
- Coverage links the construction slump to reduced public infrastructure spending after major projects, with new U.S. tariffs on wood and wood products noted as a potential cost headwind.