Just a few centuries after the Viceroyalty of New Spain powered the economy of the Spanish Empire with its massive silver mines, mining remains quite important to its modern-day successor state of Mexico. The industry contributes some $50B to the Mexican economy each fiscal quarter, representing over 2% of the country’s highly diversified gross domestic product.

But while mining may add over $3B to government coffers annually through tax revenue and exports, it’s also a fickle, dangerous industry featuring some historically shady politics. Let’s contrast that with Mexico’s growing service industry, which, at $40B per quarter, is rapidly approaching mining’s economic importance.

Line graph comparing Mexico's mining and service sector GDP per quarter, showing the service industry is rapidly approaching mining's contribution | Sources: economia.gob.mx, Latinometrics
Mexico’s service sector is catching up to mining—fast

The local services industry has boomed since the pandemic, doubling in value between mid-2020 and mid-2024. People have moved in droves from manufacturing or agricultural jobs to more service-based careers as Uber drivers, hospitality workers, restaurant staff, or tech support.

Notably, one service sector that’s booming is the tech sphere. Companies ranging from multinational corporations to local startups are competing to hire Mexicans and other Latin Americans for roles such as tech support, customer service representatives, and computer engineers, taking advantage of the region’s favorable time zone.

And as you can see below, the economic results have been impressive.

Line graph comparing indexed trends in Mexico's computer system design industry, showing gains in pay, jobs, and revenue | Sources: INEGI, Latinometrics
Tech in Mexico: the big gains in pay, jobs, and revenue

Employment, wages, and overall revenues are all up at least 20% over 2018 figures, showcasing a vibrant tech sector which will only grow in importance in the years to come.

Today, Mexicans can find work in much higher value-added industries, contributing to a tech boom which has swept the world in recent years. As we watch their country transition from an industrial economy to one characterized by greater importance in services, we look forward to seeing the changes reflected in workers’ wallets, their safety, and their social mobility.