Demand for IT services rose by a stunning 25% in the Mexican state of Queretaro in the first half of this year, as businesses looked for lifelines to ride out the economic storm brought on by the COVID-19 pandemic.
Many businesses sought help from IT providers in developing and deploying business applications, reported Mexican news portal El Economista, citing comments from Jorge Buitrón Arriola, President of Vórtice IT Park.
Some companies looked for ‘digital marketing’ options as the social distancing measures had almost ceased their operations, the official added.
The rise in demand for services did not boost the revenues of technology providers, though. That was due to a lack of liquidity in the financial system and the fact that businesses could not borrow money to finance their new investments, Arriola said.
The pandemic also blocked the progress of many IT projects, decreasing the sector’s turnover by around 5%. “There was a 5% drop, and billing was lowered,” Arriola said. Many of the stalled IT projects were restarted in the month of July.
Considering Arriola’s words, the Mexican economy slipped deeper into recession in the second quarter of the year, as the country enforced lockdown measures in response to the pandemic.
There are more than 140 companies operating in Querétaro’s information technology sector, which together employ 18,000 people.