Takapuna Outpaces Auckland With Strong Economic Growth In 2024

Takapuna has outperformed Auckland and New Zealand in economic growth according to new data that reaffirms the seaside suburb’s position as a thriving hub for retail, hospitality and high value services.

The latest 2024 annual economic report released last week by Infometrics shows that Takapuna’s economy grew by 3.8% in 2024, well ahead of Auckland’s growth of 2.1% and nearly three times New Zealand’s national growth of 1.4%.

This strong performance comes amid a cooling global and national economy and heightened interest rates, highlighting Takapuna’s resilience and strength as a business centre.

Takapuna’s high value service industries have been the major driver of this growth with 56.9% of local businesses operating in industries such as IT, health, financial, and professional services, significantly higher than Auckland’s average 32.4%. These industries have played a crucial role in driving local prosperity and employment growth.

Employment in Takapuna also surged in 2024, with job growth in the seaside town centre increasing by 3.9%, compared to Auckland’s 2.8%. This strong job creation underscores the area's attractiveness for businesses and skilled professionals alike.

“These figures confirm what many businesses and investors already know—Takapuna is one of New Zealand’s premier destinations for innovation and economic opportunity,” said Takapuna Beach Business Association chief executive Terence Harpur.

Advertisement - scroll to continue reading

“As economic uncertainty continues on a global scale, Takapuna’s performance demonstrates the importance of a diversified, high-value economy in navigating challenges and delivering sustainable growth for businesses and residents alike.”

Over the Christmas period, Takapuna’s retail sector also performed strongly against other metro centres in Auckland, reinforcing its appeal as a vibrant shopping and dining destination. While Auckland as a whole experienced a 2.1% decline in retail spending, Takapuna continued to attract consumers, delivering a strong and positive end to the year.

Marketview credit card data shows December retail spending for Takapuna was up 3.1% compared to December 2023, with the number of transactions over the same month up by 4.3%.

This growth is particularly strong when compared to the Auckland-wide trend which saw a decline in retail spending over the same period in many shopping districts including the CBD, Newmarket, Ponsonby and Parnell.

“The greatest growth areas for retail spend in Takapuna were hospitality which was up 4% for December 2024 compared to last year, apparent and personal was up nearly 6% and liquor up just over 8%. These are very encouraging figures that reflect the continued growth of our unique location,” says Harpur.

"With strong economic fundamentals and a flourishing business environment, Takapuna is well-positioned for continued success in 2025 and beyond.”

Takapuna boasts more than 130 hospitality venues, a number that continues to grow as the area becomes increasingly recognised for its excellent cafes, restaurants, and bars. The shopping precinct also has a new open-air high street on Hurstmere Road, new town square and new high rise carpark, enhancing the shopping experience with a mix of premium retail, alfresco dining, and easy access to over 4,000 parking spaces.

© Scoop Media