Sonora attracted more investment in 2023, fueled by industrial growth and nearshoring trends
By Arturo Castillo
January 4, 2024
In a notable economic surge, the state of Sonora has witnessed a substantial increase in investment throughout 2023, recording an impressive $2.539 billion from January to September. This notable growth is predominantly driven by the industrial sector, experiencing a remarkable 3.7% upswing, with anticipations of additional increments due to the nearshoring phenomenon.
Key Highlights:
Industrial Boost:
The industrial sector spearheads the surge, showcasing a remarkable 3.7% growth in Sonora's investment landscape.
Total investment reaches $2.539 billion, reflecting the robust economic performance in the state.
Nearshoring Dynamics:
President of Canacintra Hermosillo, Silvia Álvarez Amaya, emphasized the pivotal role of nearshoring in catalyzing increased investments.
Anticipates a further upswing in investments due to the ongoing nearshoring trend, contributing significantly to the region's economic vitality.
Noteworthy Growth:
Data from the Ministry of Economy (SE) highlights a pronounced growth in 2023, particularly in the automotive industry and exports.
The industrial sector is projected to conclude the year with a remarkable 4.1% growth, attributing much of its success to the nearshoring effect, generating over 30,000 new jobs until November.
Optimism Amidst Challenges:
Despite the anticipated economic deceleration in 2024 due to elections in both the United States and Mexico, President Álvarez Amaya remains optimistic for Sonora's economic trajectory.
Cites confidence in the state government's strategies, expecting a conducive environment for foreign direct investment and existing businesses. This outlook aims to increase investment opportunities in the coming year, with a particular focus on key sectors and a favorable nearshoring environment.
Sonora's industrial landscape stands as a testament to resilience and adaptability, positioning itself as an attractive investment destination amidst global economic shifts. The foresight in leveraging nearshoring trends contributes not only to economic growth but also to sustained job creation and a promising outlook for future investments.