Taupo District’s economy is moving along at a healthy rate. Infometrics’ provisional estimate for GDP showed growth of 3.0% in the September 2017 year. That rate of growth was unchanged from the previous quarter and was above the national average of 2.5%. Most partial indicators of the Taupo economy are positive. Traffic flows in the District rose by 4.9% in the September year, which was more than double the national average. Car and commercial vehicle registrations have both increased over the past year. The number of residential building consents in the district has risen by 15% and the value of non-residential consents has grown by an even stronger 27%.
Consumers are clearly in a good mood too. Marketview data on electronic card transactions showed retail spending growth in Taupo of 6.8% over the past year, well above the national average of 3.8%. Tourism expenditure was up by 11%, with guest nights in commercial accommodation rising by 5.4% (roughly double the national average of 2.6%). The commercial sector has done well to record growth of that magnitude, given that private Airbnb listings in the District have risen by 98% over the past year.
Population growth has underpinned Taupo’s economy, with people attracted by low unemployment, good lifestyle and affordable housing. The district’s population grew by 600 in the June 2017 year, or 1.7%. Net international migration was 192 in the September year. At 3.7%, Taupo’s unemployment rate is well below the NZ figure of 4.9%.
The prospects for Taupo are positive. Tourism should continue to fare well and a mooted upgrade to the airport terminal would only enhance the District’s ability to attract visitors and new spending. Forestry export prices have risen and this will bolster timber processing activity in the District. We also estimate that higher dairy prices will inject an extra $18m into the local economy in the 2017/18 season, some of which will go into debt repayment, but the rest will flow into the shops and support service activities.
Click to download the full report: Taupo Economic Monitor September 2017
Highlights for Taupo District
Each quarter, Enterprise Great Lake Taupo commissions economic research and publishes the findings in the ‘Taupō District Economic Monitor’. This report is prepared independently, and follows the same format each quarter to provide benchmarking and comparison.
Keys Valuers Ltd produce an annual Retail Precinct Survey that contains benchmarking data and analysis. You can read the current edition here.
SME's dominate our industries and make an important contribution to our economy. The Ministry of Business, Innovation and Employment together with Statistics New Zealand have put together this Small Business sheet that contains plenty of great facts and figures.
MBIE also have an interactive tool that you can use to find out key economic data and see how our economy compares to others. Check it out here.
Marketview - This report gives an insight into retail spending in the Taupo District. It looks at who is spending in our district, where the hotspots are and how our retail spend compares to the rest of New Zealand.
You can download the Marketview report for the Year End June 2017 here.
Download previous Taupo District Economic Monitor reports below: