Physical Investment in the Mexican Government’s Strategic Projects Grows

ByAlejandro Alegría

This article by Alejandro Alegría originally appeared in the August 30, 2026 edition of La Jornada, Mexico’s premier left wing daily newspaper.

Public-sector physical investment accelerated for the second consecutive month in July, particularly the portion earmarked for Petróleos Mexicanos (Pemex), according to data from the Secretariat of Finance and Public Credit (SHCP).

In the seventh month of 2026, the Federation’s spending on the construction and maintenance of public works and on the acquisition of goods was 70.755 billion pesos, an amount that shows an increase of 62.6 percent in real terms (that is, after discounting the effect of inflation) compared to the same period in 2025. The Finance Ministry noted that this performance is explained by the progress of the federal government’s strategic projects.

In this regard, it stands out that in July of this year the physical investment of state-owned companies —which combines that made by Pemex and the Federal Electricity Commission (CFE)— reached 16.581 billion pesos, a figure that shows an increase of 69.3 percent against the same month of 2025.

The dynamism observed in the reference period is explained by the resources Pemex exercised. The company’s spending on construction, maintenance of works, and acquisition of goods was 13.418 billion pesos, an amount that indicates a 130.6 percent real increase against the seventh month of 2025.

In contrast, the CFE’s spending in this category was 3.162 billion pesos in July, a reduction of 20.5 percent compared to July of the previous year.

It is the second consecutive period in which the resources exercised in this category show an increase. The Finance Ministry highlighted the 5.9 percent growth in investment allocated to housing and community services, as well as the 18.9 percent growth in education.

By contrast, the same did not occur in the case of the state energy companies.

The combined physical investment of Pemex and CFE was 169.280 billion pesos in January–July, a figure that showed a real annual contraction of 20.4 percent compared to the same period of 2025.

In the first seven months of the year, Pemex’s spending in this category reached 122.013 billion pesos, a decrease of 21.3 percent in real terms compared to the same period of 2025.

The resources exercised by the CFE to build and maintain works and to purchase goods in the January–July period reached 18.005 billion pesos, an amount that reveals a reduction of 13.8 percent in real terms compared to the same period of 2025.

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