Home Business-newBusiness Yucatan is the 4th state with the highest economic growth in Mexico

Yucatan is the 4th state with the highest economic growth in Mexico

by Yucatan Times
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Endeavor, the organization that leads the high impact entrepreneurship movement at a global level, presented its SCAN of the Ecosystem of Innovation and Entrepreneurship in Yucatan.

The study highlights that the entrepreneurial ecosystem of the state is essential as an engine of development since only 5 entrepreneurs are responsible for more than 36% of all state jobs.

Regarding its composition, the state has 320 companies, 41 thousand jobs, and more than 8 million pesos raised in the state, which makes the area the 4th state with the highest economic growth in the entire country, registering an increase of 2.5 %, above the national average.

In 2020 Yucatan reached in the first half of the year the historical figure of 117 million US dollars in Foreign Direct Investment (FDI), which represents 63% compared to the previous full year. It also began to stand out in terms of talent, as it registered an increase in the professions related to science, technology, engineering, and mathematics (STEM) from 23% to 26%. The graduates that stand out the most are Engineering (16%) Industrial Engineering (4%) and Systems Engineering (3%).

Within this study, carried out in collaboration with Vive Peninsular – a Mexican business group founded in Mérida, which seeks innovation in the management of all businesses – and with Nexus BP – a civil association that provides strategic support to companies so that they can grow institutionally and develop wellness – Endeavor was able to identify that current ventures focus their business models in the food and beverage sectors with 20%, commerce with 12%, and information technology with 11%.

Despite its growth, since 2012 Yucatan has not been able to exceed its goal of generating formal employment. In 2019 it only reached 43%, equivalent to 9,863 jobs. For this reason, in the analysis carried out by Endeavor, it is suggested that through the creation of 25 scale companies in the industries that add more value, local GDP can be increased by 1%. However, this is not possible without the support of investors who provide capital to new ventures and provide opportunities for disruptive ideas in traditional sectors.

According to the Strategic Communication Cabinet, Mérida is positioned in third place in the ranking of the most livable cities in the country and in January of this year it occupies the second place with the lowest number of crimes committed, which makes it the state with the lowest crime rates in the country, this provides security and creates the conditions to attract and retain successful entrepreneurs seeking to establish their businesses in the region.

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