Market Research in Durango, Mexico
Durango is a state in the North East of Mexico, set in a dramatic landscape of desert, forest, and the Sierra Madre Mountains. Some areas in this state were often used as filming locations for Wild West movies.
The state’s capital, Victoria de Durango – simply called Durango – is known for its historic center with colonial and Mexican baroque buildings. Durango is also considered a place with a better perception of quality of life and one of the best places to live in Mexico, having some of the lowest rates of unemployment.
There are several places worth visiting. The Cathedral of Durango was originally built around 1695 and is one of the most beautiful buildings in northern Mexico. The Paseo del Viejo Oeste (The Old West Walk) is an old western movie set that has become a theme park. Bebeleche is an interactive museum that offers hands-on activities and 3D movies for children. Then, there’s the Old Mine tunnel Museum, and much more.
Durango is the fourth biggest mining state in Mexico and produces zinc, silver, gold, and copper. Having high production, the mining industry supports private companies that want to invest in Durango.
Healthcare supplies a large number of jobs. Moreover, the retail and food industry provides many positions of employment as well.
Durango is sparsely populated and hosts a large area of farmland. Agriculture, together with metalworking, the lumber industry, and business support services, are also part of the main economic activities.
Agriculture is focused on cattle, wine, and cereal crops. Metalworking includes steel products and auto parts.
The service sector has a high production, comprising education, commerce, transport, government, and tourism. Durango is also the leading producer of wood and wood products.
The state of Durango counts as one of the ten safest places in Mexico. It is part of one of the most dynamic regions in the world. Likewise, more than half of the population is less than 29 years old, which assures at least 30 years of work continuity. Besides that, Durango offers much history and plenty of places to relax, making tourism another important source of income.
Benefits and Trends of the Market
Mexico is a strong trading partner of the United States, with Durango being a state that delivers much of its products to the USA.
The mining sector supports the state’s economy and attracts foreign investors.
Some of their trade partners are Italy and the United States. The top 3 exporters of Durango are the United States, India, and Ecuador, India being the largest exporter.
Key Success Factors in Doing Business in Durango
Those countries – including China – have established countless manufacturing and assembly facilities there.
This northern state offers economic stability, an improved infrastructure – including 1,200 kilometers of the railway –, and low corporate costs. Not only its international airport, but also its strategic position offers industrialists easy access to markets in North America, Asia, and Europe.
Furthermore, Durango boasts a highly skilled labor force, many academic researchers, agronomy, technology, scientific information, and medical services.
Durango has a high living standard and offers salaries that range between average and excellent. The capital of this state is considered one of the nine best cities to live in in Mexico, thanks to its high level of education, excellent public transportation, tourist attractions, and abundant nature.
Additionally, the cost of living is low and one can enjoy pleasant weather. The city has beautiful, European infrastructure and great air quality. The number of foreigners living in Durango is surprisingly low; this means that pricing is reasonable and not raised to foreign standards, which translates to economic relief for the local population and also for investors.
Reasons to Grow your Business in the Market
The economy remains stable with a very low unemployment rate. The location is excellent, not far from the American border while still keeping its traditional Mexican character and history. Durango presents investment opportunities in different sectors, offering business owners several options. Last but not least, this vibrant state has a young and highly educated workforce, who graduated from excellent universities.
About Market Research in Durango
Before investing in this market, doing some research is always essential. One can use surveys, interviews, and focus groups for that. Taking these steps ensures better business choices and reduces risks. The main research types that are used are quantitative, qualitative, and strategic. Finally, getting acquainted with Mexico’s immigration and tax laws is highly recommended as well, and it is best to obtain some assistance from local experts for that.