Mexico Emerges as the Quiet Winner of the Nearshoring Decade
Foreign direct investment into northern Mexico has tripled since 2021, but power and water infrastructure are now the binding constraints.
Banco de México data released last week show foreign direct investment inflows of $36 billion in 2025, with Nuevo León, Querétaro and Coahuila accounting for nearly 60 percent of the total.
The wave is dominated by Asian manufacturers — Foxconn, BYD, Lenovo and Samsung — building assembly capacity to serve the United States from within the USMCA tariff perimeter. American firms reshoring from China account for a smaller but rapidly growing share.
Industrial vacancy rates in Monterrey and Saltillo are below two percent, and rents have doubled since 2022. Specialist developers including Vesta, Prologis and Fibra Uno have raised more than $4 billion in new equity to fund expansion.
The bottleneck is now infrastructure. The federal electricity utility CFE has flagged at least 19 industrial parks where new connections cannot be guaranteed before 2028. President Sheinbaum's administration has prioritised the issue, but the fiscal envelope is tight.
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