The September 2024 Quarterly Economic Monitor for Taupō highlights a mix of challenges, and some positive trends within the district's economy.
Taupō's GDP declined by 0.2% over the year to September 2024, which is slightly below the zero growth measured in the national economy. The tourism sector has been affected by the slowdown in the domestic tourist market, with a 2% drop in domestic guest nights, although international guest nights increased by 5%. However, overall tourism expenditure declined by 0.7%.
The weaker economy is flowing through to the labour market. Although employment of Taupō residents grew 1.2% over the year to September 2024, it declined 1%pa in the September quarter; consequently the unemployment rate has ticked up to 4.1% over the year to September 2024 - up from a recent low of 2.7%. The number of Jobseeker support recipients rose to 1,611 in the September 2024 quarter, up from the 1,398 in the same quarter last year.
The Taupō property market is showing signs of warming up, with average house values increasing for three consecutive quarters, reaching $852,000 by September 2024. The number of house sales rose by 14% over the year to September, with listings up 21%. However, the growth in the supply of new houses is slowing, as the number of residential consents dropped by 19% in the September 2024 quarter, falling below the 10-year average.
Taupō's economy faces some headwinds, particularly with the slowdown in tourism and some weakening in the labour market. However the district's population continues to grow, business counts is up 2.4% for the year to September 2024, compared to a year earlier (higher than the national average), and consumer spending as measured by Marketview, increased by 1.4% over the year to September 2024.
Gross Domestic Product
GDP in the Taupō District was provisionally down 0.2% for the year to September 2024, compared to a year earlier. The decline was greater than in New Zealand (0.0%). Provisional GDP was $3,012 million in the Taupō District for the year to September 2024)
Business Counts
The number of business units in the Taupō District was up 2.4% for the year to September 2024, compared to a year earlier. Growth was higher than in New Zealand (1.3%). The number of business units in the Taupō District reached an annual average of 5,670 in the year to September 2024, up from 5,538 in the previous 12 months.
Consumer Spending
Electronic card consumer spending in the Taupō District as measured by Marketview, increased by 1.4% over the year to September 2024, compared to a year earlier. This compares with an increase of 0.5% in New Zealand
Tourism Expenditure
Total tourism expenditure in the Taupō District decreased by 0.7% in the year to September 2024, compared to a year earlier. This compares with an increase of 0.9% in New Zealand. Total tourism expenditure as approximately $760 million in the Taupō District during the year to September 2024, which was down from $765 million a year ago.
Guest Nights
Total guest nights in the Taupo District decreased by 0.3% in the year to September 2024, compared to a year earlier. This compares with an increase of 1.7% in New Zealand. Visitors stayed a total of 1,432,100 guest nights in the Taupō District during the year to September 2024, which was down from 1,437,000 a year ago.
Labour Market Indicators
Employment for residents living in the Taupō District was up 1.2% for the year to September 2024; this growth was the same as in New Zealand. Negatively Jobseeker Support recipients has increased (although lower than the New Zealand average 12.4%), along with the unemployment rate.
You can read the full report below including dairy payout, unemployment rate, residential & non-residential consents, house values & sales and vehicle registrations and more.
Comments