Taupo’s economy perked up at the end of last year and growth remains slightly above the national average. Infometrics’ provisional estimate for GDP showed growth in the district of 3.1% in the December 2017 year, compared to the national average of 2.8%.
Taupo is looking healthy across a wide range of spending and investment indicators. For example, the levels of car and commercial vehicle sales are at record highs. But perhaps the standout data for the district this quarter relates to retail trade and tourism.
Marketview data on electronic card transactions shows that retail spending in Taupo grew by 7.1% in the December 2017 year, much stronger than the national average of 4.3%.
Part of that retail sector buoyancy will have been driven by strong visitor activity to the district. Tourism expenditure was up by 9.4% in the December 2017 year, well above the national average rise of 6.4%. The 5.4% increase in commercial guest nights in the district was more than double the nationwide rise of 2.5%.
The Infometrics Regional Economic Profile further confirms the health of tourism in Taupo. Accommodation & food services (e.g. hospitality jobs) was the biggest creator of jobs in the March 2017 year, with 80. Dairy cattle farming was second, at 63. Strong job creation is reflected in a fall of 8.5% in the number of Jobseeker Support recipients in Taupo in the December 2017 year.
The property market and construction sector in Taupo seems to have entered a ‘holding phase’ in the past few quarters. Although house price growth is still pretty strong, house sales are easing down. Meanwhile, the number of residential building consents only recorded modest growth in 2017, while the value of non-residential consents is relatively low by past standards.
Looking ahead, with dairy, forestry, and tourism all performing pretty well, Taupo looks set to have another good year of economic growth in 2018.
Click to download the full report: Taupo Economic Monitor December 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: