Taupō is still in the grips of the country’s worst recession since 1991. Infometrics provisionally estimates that Taupō’s GDP declined 0.4% over the year to December 2024, similar to the 0.5% decline measured in the national economy.
Taupō’s tourism sector is struggling to recover as the slowdown in domestic tourism overshadows the return of international tourists. Spending by domestic tourists was down 2.3% over the year to December 2024, while spending by the much smaller segment of international tourists was up 22%. Total tourism spending was up 3.3%, only slightly above the consumer inflation rate of 2.2% Total guest nights were down 1.1% over the same period.
Employment prospects in the district are weak as jobs continue to decline and the labour force grows. The number of Taupo residents in employment declined 0.3% over the year to December 2024, pushing the unemployment rate up to 4.5%, its highest rate since March 2017. The industries shedding the most jobs were wood and paper products manufacturing (-26), agriculture (-18), and retail trade (-11). The number of Jobseeker Support Recipients reached 1,565 in the December 2024 quarter, its highest level since our time series began in 2009.
Amid the negative statistics there are reasons for optimism for the Taupō economy. Mortgage rates are tracking down which puts more disposable income into the hands of households and will give a boost to retail and hospitality. Prospects for the large agricultural sector have improved considerably. Beef prices were up 24%pa in December 2024 to reach record highs, sheep-meat prices are recovering and were up 29%pa in the same period. Fonterra’s farmgate milk price is currently sitting at a mid-point of $10/kgMS, meaning the payout to Taupō’s dairy farmers is likely to reach $471m, up $110m on last season and the highest payout ever.
Falling interest rates have injected fresh life into the Taupō housing market. House sales continue their upward trajectory, up 23% over the year to December 2024, boosted by an 18% rise in new listings. House values have risen on an annual basis for the fourth successive quarter, reaching $849,000 in the December 2024 quarter. A shortage of rental properties is keeping rental growth high with the average rent increasing 8.5% over the year to December 2024.
Gross Domestic Product
GDP in Taupo District was provisionally down 0.4% for the year to December 2024, compared to a year earlier. The decline was not as low as in New Zealand (0.5%). Provisional GDP was $3,365 million in Taupo District for the year to December 2024 (2024
prices).
Business Counts
The number of business units in Taupo District was up 2.6% for the year to December 2024,
compared to a year earlier. Growth was higher than in New Zealand (1.3%). The number of business units in Taupo District reached an annual average of 5,702 in the year to December 2024, up from 5,556 in the previous 12 months.
Consumer Spending
Electronic card consumer spending in Taupo District as measured by Marketview, increased by
2.1% over the year to December 2024, compared to a year earlier. This compares with an
increase of 0.2% in New Zealand.
Tourism Expenditure
Total tourism expenditure in Taupo District increased by 3.3% in the year to December 2024,
compared to a year earlier. This compares with an increase of 3.7% in New Zealand.
Total tourism expenditure was approximately $790 million in Taupo District during the year to
December 2024, which was up from $765 million a year ago.
Guest Nights
Total guest nights in Taupo District decreased by 1.1% in the year to December 2024, compared to a year earlier. This compares with an increase of 0.8% in New Zealand.
Visitors stayed a total of 1,437,300 nights in Taupo District during the year to December 2024, which was down from 1,453,800 a year ago.
Labour Market Indicators
Employment for residents living in Taupo District was down 0.3% for the year to December 2024, compared to a year earlier. The decline was greater than in New Zealand (0.0%). An average of 17,939 people living in Taupo District were employed in the year to December 2024.
Jobseeker Support recipients in Taupo District in the year to December 2024 increased by 13.2% compared to a year earlier. Growth was higher than in New Zealand (12.6%). An average of 1,565 people were receiving a Jobseeker Support benefit in Taupo District in the 12 months ending December 2024. This compares with the ten year annual average of 1,164.
The annual average unemployment rate in Taupo District was 4.5% in the year to December 2024, up from 3.5% in the previous 12 months. In the year to December 2024, the annual average unemployment rate in Taupo District was lower than in New Zealand (4.7%).
The annual average NEET rate in Taupo District was 13.4% in the year to December 2024, up from 12.2% in the previous 12 months. In the year to December 2024, the annual average NEET rate in Taupo District was higher than in New Zealand (12.8%).
You can read the full report below including dairy payout, residential & non-residential consents, house values & sales, vehicle registrations and more.
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