Venture Taranaki Releases Latest Economic Figures
Press Release – Venture Taranaki
The data shows that the Taranaki economy provisionally contracted by 3.1% in the year to March 2025, compared to a national decline of 1.1%.
The latest Quarterly Economic Monitor report commissioned by Te Puna Umanga Venture Taranaki, the regional development agency, has been released offering an evidence-based view of how Taranaki is faring amid ongoing national economic uncertainty.
Developed by Infometrics, the report provides a clear, objective snapshot – presenting both the strengths and the challenges shaping the region's economic landscape.
'This report is something we specifically commission for Taranaki because it's vital that our region has access to independent, timely data,' says Anne Probert, Director of Strategic and Sector Partnerships at Te Puna Umanga Venture Taranaki. 'It's about being informed, realistic, and proactive about the trajectory of the region.'
The data shows that the Taranaki economy provisionally contracted by 3.1% in the year to March 2025, compared to a national decline of 1.1%. Employment has also fallen by 1.8%, and consumer spending is down 1.9%. These figures reflect the broader pressures felt across Aotearoa, as cautious spending patterns continue to influence business and household behaviour.
However, Taranaki is also experiencing more localised impacts. 'We're at the pointy end of the accelerated decline in gas production, and that's flowing through many of our industry sectors, particularly engineering and specialist supply chains, adding a further dimension to our economic situation,' says Probert.
Amid these pressures, the region's primary sector is showing significant strength. The dairy payout for Taranaki is forecast to reach $1.807 billion this season, a 31% increase from last year, thanks to rising global commodity prices and a lower exchange rate boosting export returns.
'This is a much-needed boost for our rural communities, who have been contending with the impacts of drought and other challenges,' Probert explains. 'Given the critical role that farming plays across our entire economy, from the farm gate to support services, manufacturing, logistics and retail, this upturn has flow-on benefits for the whole region.'
Adding further momentum to the sector, Fonterra has announced significant investments in Taranaki, including the electrification of its Whareroa plant and the development of new cool store facilities demonstrating long-term confidence in the region's agri-food future.
The economic report also highlights early signs of a turnaround in the housing market. House sales are up 13.2% over the year in the region, and the number of residential building consents have jumped nearly 23%. While house prices have remained steady, the increase in sales and listings points to renewed interest, driven in part by the region's lifestyle appeal and comparative affordability.
'It's clear that there are challenges but there are also positive areas and momentum for the region,' says Kelvin Wright, Chief Executive of Te Puna Umanga Venture Taranaki. 'The report highlights the importance of having the regional economic development strategy in place, Tapuae Roa, to ensure we're making the most of our region's strengths and capitalising on emerging opportunities.'
Taranaki Economic Snapshot (Year to March 2025)
Regional GDP: Provisionally down 3.1% compared to the national decline of 1.1%.
Employment: Fell 1.8%, with job losses concentrated in construction, metal manufacturing, and utilities.
Unemployment Rate: 4.5%, still lower than the national average of 4.9%.
Consumer Spending: Down 1.9%, reflecting cautious household behaviour amid economic uncertainty.
Dairy Payout: Forecast at $1.807 billion for the 2024/25 season – a 31% increase from the previous year.
House Sales: Up 13.2%, pointing to renewed market interest.
Residential Consents: Increased by 22.9%, signalling growing development confidence.
Tourism Spend: Down 6.3%, with both domestic and international visitor nights falling.
Business Units: Slight decline of 0.1%, compared to national growth of 1.2%.
Jobseeker Support: Recipient numbers rose 7.2%, below the national increase of 12.6%.
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Venture Taranaki Releases Latest Economic Figures
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