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Quarterly Economic Monitor September 2023

Taupō's economy is showing plenty of resilience in the face of economic headwinds. Infometrics provisionally estimates that the local economy expanded by 2.2%pa over the year to September 2023. The economy was buoyed by a strong bounce back in tourism with the return of international visitors. However, growth has slowed in recent quarters with GDP growth of just 0.4%pa in the latest quarter


Taupō’s labour market is the economy’s bright spot, with employment increasing by a strong 3.7% pa over the year to September 2023. Not surprisingly, accommodation and food services were the largest contributors to employment growth, adding more than 150 jobs over the year and growing at 8% pa. The strength of the tourism sector is also reflected in a

30% pa increase in guest nights in commercial accommodation over the year to September 2023.


Taupō’s population grew by 1.7%pa over the year to June 2023 according to Stats NZ’s estimated resident population series. Although growth was slightly lower than national growth (2.1%pa) it was the highest growth rate recorded since 2020. Growth was bolstered by strong net international migration indicating that Taupō is seen as a favourable place for migrants and returning Kiwis to settle.


Taupō’s housing market continues to cool, with the average house value dropping to $825,000 in the September 2023 quarter from a peak of $935,000 in the June 2022 quarter. House sales dropped by more than 20% over the year to September 2023.


Despite the fall in house prices, residential consents have held up well. There were 108 residential consents in the September 2023 quarter, only the second time consents have pushed above 100 since 2007. Residential consents were up nearly 20% over the year to September 2023. The non-residential construction sector will also be very busy with the value of non-residential consents sitting at more than double the 10-year average.


Gross Domestic Product

GDP in the Taupo District was provisionally up 2.2% for the year to September 2023, compared to a year earlier. Growth was higher than in New Zealand (1.7%).

Provisional GDP was $2,977 million in the Taupo District for the year to September 2023 (2022 prices).

Annual GDP growth in Taupo District peaked at 8.3% in the year to December 2021.


Consumer Spending

Electronic card consumer spending in Taupo District as measured by Marketview, increased by 6.2% over the year to September 2023, compared to a year earlier. This compares with an increase of 7.4% in New Zealand.


Employment

Employment for residents living in Taupo District was up 3.7% for the year to September 2023, compared to a year earlier. Growth was higher than in New Zealand (3.0%).


Dairy Payout

Taupo District's total dairy payout for the 2021/2022 season is estimated to have been approximately $453 million.

The dairy payout for the 2022/2023 season is expected to be approximately $402 million, $51 million lower than last season, assuming that production levels from last season are maintained.

The total dairy payout for New Zealand is estimated to have been approximately $17,369 million in the 2021/2022 season, and is expected to be $1,972 million lower in the 2022/2023 season.


Guest Nights

Total guest nights in Taupo District increased by 29.6% in the year to September 2023, compared to a year earlier. This compares with an increase of 48.9% in New Zealand.

Visitors stayed a total of 1,437,000 nights in Taupo District during the year to September 2023, which was up from 1,108,800 a year ago.


You can read the full report below including Jobseeker Support recipients, Unemployment rate, residential & non-residential consents, house values & sales and vehicle registrations.

qem-taupo-district-2023-9
.pdf
Download PDF • 165KB





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