Infometrics provisionally estimates that the Taupō economy grew 7.1% over the year to December 2021. Taupō’s GDP growth is a strong result next to Waikato regional growth of 5.2% and nationwide growth of 5.5%, and reflects a resurgence in activity from the September 2021 quarter lockdown, as well as Taupō’s underlying strength over the past year.
Consumer spending in Taupō grew 5.2% in the December 2021 year according to Marketview data and car registrations rose 12%, reflecting the optimism of local consumers. Spending by tourists in Taupō grew 3.6% in the year to December 2021 despite Aucklanders being unable to travel outside their region until 15 December.
Taupō’s unemployment rate fell to 3.0% for the December 2021 year as employment of Taupō residents grew 2.3%. Over the past year, the biggest contributors to employment growth in Taupō have been the construction sector, health care and social assistance, and professional, scientific and technical services. However, the number of Jobseeker Support recipients
continues to climb. On an annualised basis, Jobseeker Support recipients grew 6.4% in Taupō in the December 2021 year, well ahead of national growth of 1.9%. On a quarterly basis, Jobseeker Support recipients in Taupō rose for the second consecutive quarter following a steep drop in the June 2021 quarter.
Nationally, the housing market is expected to weaken in 2022, but so far there are little signs of this happening in Taupō. House values grew 31% pa to reach $834,591 in the December quarter as the annual number of house sales fell for the second consecutive quarter. Responding to strong demand for housing, residential consents remain at elevated levels,
growing 11.6% in the December 2021 year. Non-residential consents in Taupō have spiked recently, growing 63% in the December 2021 year. Consents for office, administration, and public transport buildings were the biggest contributors to this growth.
Gross Domestic Product
GDP in Taupo District was provisionally up 7.1% for the year to December 2021 compared to a year earlier. Growth was higher than in New Zealand (5.5%). Provisional GDP was $2,726 million in Taupo District for the year to December 2021 (2021 prices). Annual GDP growth in Taupo District peaked at 7.1% in the year to December 2021.
Electronic card consumer spending in Taupo District as measured by Marketview, increased by 5.2% over the year to December 2021 compared to the previous year. This compares with an increase of 5.0% in New Zealand.
Total tourism expenditure in Taupo District increased by 3.6% in the year to December 2021. This compares with an increase of 3.9% in New Zealand. Total tourism expenditure was approximately $346 million in Taupo District during the year to December 2021, which
was up from $334 million a year ago.
You can read the full report below including Traffic flow, Employment, Jobseeker Support recipients, Unemployment rate, Dairy payout, Tourism expenditure, Health enrolments, Residential consents, Non-residential consents and House values and sales.