Economy
See also: Category:Companies based in MonterreyMonterrey is a major industrial center in northern Mexico, producing a GDP of 78.5 billion US dollars (2006). The city's GDP per capita in 2010 was $607,042 Mexican pesos or $46,634 US dollars. The city was rated by Fortune magazine in 1999 as the best city in Latin America for business and is currently ranked third best by the América Economía magazine.
Because of its strong steel industry, it is often called "the Pittsburgh of Mexico". The city has prominent positions in sectors such as steel, cement, glass, auto parts, and brewing. The city's economic wealth has been attributed in part to its proximity with the United States-Mexican border and economic links to the United States.
Industrialization was accelerated in the mid-19th century by the Compañia Fundidora de Fierro y Acero Monterrey, a steel-processing company. Today, Monterrey is home to transnational conglomerates such as Cemex (the world's third largest cement company), FEMSA (Coca-Cola Latin America), Alfa (petrochemicals, food, telecommunications and auto parts), Axtel (telecommunications), Vitro (glass), Selther (leading mattress and rest systems firm in Latin America), Gruma (food), and Banorte (financial services). The FEMSA corporation owned a large brewery, the Cuauhtémoc Moctezuma Brewery (Cervecería Cuauhtémoc Moctezuma) that produces the brands Sol, Tecate, Indio, Dos Equis and Carta Blanca among others, in the beginning of the year Cuauhtémoc Moctezuma Brewery was sold to Dutch-based company Heineken. By the end of the same year, there were more than 13,000 manufacturing companies, 55,000 retail stores, and more than 52,000 service firms in Monterrey.
The metals sector, dominated by iron and steel, accounted for 6 percent of manufacturing GNP in 1994. Mexico's steel industry is centered in Monterrey, where the country's first steel mills opened in 1903. Steel processing plants in Monterrey, privatized in 1986, accounted for about half of Mexico's total steel output in the early 1990s.
Monterrey was ranked 94th worldwide and fifth in Latin America in terms of Quality of Life according to Mercer Human Resource Consulting (2006), and was ranked second in 2005 and fourth in 2006, according to America Economia.
Some of the shopping malls in the city include Paseo San Pedro, Plaza Fiesta San Agustín, Galerías Monterrey, and Galerías Valle Oriente, which distribute goods and services to the Mexican population.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)