Mexico's Nearshoring Moment: How Geography, Trade Agreements, and Timing Are Combining to Produce the Country's Largest Manufacturing Expansion in a Generation

North American companies reshoring supply chains from Asia have found in Mexico a combination of geographic proximity, USMCA trade access, competitive labour costs, and established industrial infrastructure that no other nearshoring destination can match — triggering a manufacturing investment boom that reached USD 40 billion in 2024 and is reshaping the economic geography of the country's northern states.