Yucatan’s rapid first-quarter economic growth is attributed to increased production in manufacturing, construction and tourism, according to government reports.
Economic activity overall grew 2.7 percent over the same period in 2013. Industrial activity alone grew 5.8 percent. This outpaces the national economic growth rate of 1.8 percent, making Yucatan the 11th fastest growing state in Mexico.
During the first four months of the year, the construction industry grew by an average 17.85 percent. This growth is driven by the momentum generated by public works, up 28.02 percent over the same period last year.
In fact, construction in Yucatan contributed to an overall upbeat economic report for the beginning of 2014.
In June, the state’s unemployment rate stood at 2.29 percent, compared to 2.94 percent in June 2013 and well below the national rate of 4.84 percent.
Activity at the Progreso shipping port increased 4.9 percent in July, with nearly 1,600 freight and passenger units passing through.