New Residential Construction in Mexico Tourist Zones in Decline

BBVA Bancomer, one of Mexico’s major financial groups, revealed that construction in tourist zones such as Cancun, Acapulco, Puerto Vallarta, Los Cabos, Ixtapa, and Huatulco, among others, has entered a period of notable decline.

Chief economist at Bancomer, Adolfo Albo, predicts a long, slow recovery and depends heavily on the behavior of the United States and the continuing economic crisis in Europe.

Albo indicated the situation will have a negative effect on employment.