Mexican airport operators linked to reshoring and tourism: Grupo Aeroportuario del Pacífico and Grupo Aeroportuario del Centro Norte

Reshoring has become a major macroeconomic theme in the United States, as industrial capacity is brought back from Asia—particularly China—to North and South America. While some manufacturing will remain in the U.S. (such as semiconductors), other production is expected to expand in nearby countries.

Among the potential beneficiaries, Mexico stands out. One area investors are looking at is the aviation sector, specifically publicly traded airport operators in Mexico.

Grupo Aeroportuario del Pacífico: betting on Mexican tourism

Grupo Aeroportuario del Pacífico (PAC) operates airports in Mexico’s Pacific region, with major facilities including Guadalajara, Los Cabos, Tijuana, and Puerto Vallarta. These locations combine international tourism with industrial activity. Tijuana, in particular, benefits from a land connection to San Diego, which can make travel to Mexico more accessible and potentially cheaper for visitors.

The stock is trading about 15% below its highs, reflecting concerns about cartel violence in Mexico, which the article notes has eased for the time being. It also cites global worries about rising oil prices and how higher energy costs could affect air travel demand.

Airport operators typically generate revenue as passenger volumes rise, alongside government-allowed price increases. Over the long term, the article attributes Mexico’s air traffic growth to expanding international tourism, broader economic growth, and increased industrial capacity in cities such as Guadalajara, which supports business travel.

Grupo Aeroportuario del Centro Norte: the reshoring focus

Grupo Aeroportuario del Centro Norte (OMAB) is described as the airport operator most directly tied to the reshoring theme. The company operates the Monterrey airport and several smaller regional airports across Mexico’s north and western regions.

Monterrey is characterized as the wealthiest large city in Mexico and the closest major hub to the United States. The article links its relative prosperity to industrial strength, noting that many global companies have set up operations there to ship goods to the U.S. It also highlights direct flights to Tokyo and Seoul to serve electronics manufacturing in the region.

While Monterrey is described as lacking tourist appeal, the article argues it could benefit if reshoring continues through the rest of the decade. It reports that total passenger traffic grew 8.5% year over year in 2025, with Monterrey growing 15% and accounting for around half of total passenger volume.

Valuation and income metrics cited in the article include a dividend yield of 4.2% and an EBITDA multiple of 11.5, which it says makes OMAB cheaper than PAC.

Should investors buy Mexican airport stocks?

The article addresses common investor concerns about buying in a foreign market, including unfamiliarity with local culture and the economy. It argues that while such concerns may be more relevant for consumer goods, airports are more comparable across countries because they rely on similar infrastructure and demand drivers.

It also notes currency risk as another potential issue. The article suggests this can be mitigated through higher per-passenger fees and through revenue tied to international traffic and tourism-related commercial activity.

Because the Mexican government regulates airports and determines pricing for inbound flights, the article points to regulatory support for revenue growth. It states that Grupo Norte has been granted the right to increase prices by 38% over the next five years.

Overall, the article concludes that Mexican airport stocks are positioned to deliver strong shareholder returns over the next decade.