Friday, June 14, 2024

Mexico City mayor looks to construction for economic reactivation

The Mexico City government will invest almost 76.3 billion pesos (US $3.3 billion) in construction projects to help reactivate the economy amid the coronavirus pandemic, Mayor Claudia Sheinbaum said Wednesday.

Sheinbaum said that just under 25.9 billion pesos will go to public infrastructure projects and almost 50.4 billion pesos will be used to build private residential and commercial developments.

Some of the real estate projects will be located on Reforma Avenue, Mexico City’s most emblematic boulevard.

Sheinbaum also said that her administration will invest 92.4 billion pesos (US $4 billion) on other programs that will help to create jobs. The economic reactivation plan is expected to generate almost 1 million jobs.

“Since April, … 220,000 jobs have been lost [in Mexico City] due to the pandemic. With this reactivation program, we want to create 987,183 jobs, of which 554,800 will be direct,” Sheinbaum said.

The mayor said that social programs will also be strengthened as part of the reactivation plan and highlighted that small business owners will be able to continue to access loans to help them through the economic downturn.

Mexico City is the country’s coronavirus epicenter, having recorded more cases and deaths than any state in the country.

“Red light” restrictions are still in effect in the capital, meaning that most nonessential businesses remain closed. However, the construction and manufacturing sectors have resumed activities after being at a standstill since late March.

If Mexico City switches from red to orange on the new “stoplight” map to be presented by the federal Health Ministry on Friday, businesses such as restaurants, hotels, hair salons and gyms will be allowed to reopen at a reduced capacity starting Monday.

Source: El Financiero (sp), El Economista (sp) 

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