Business Hawke's Bay chief executive officer Susan White said there was "real optimism in the air".
Ms White said a lot of businesses who had been doing the hard yards over the past few years were beginning to reap the benefits.
She also said business success had a lot to do who the customer was.
"Jetstar is coming soon so that will help with visitor growth."
Napier Mayor Bill Dalton said the region is doing fantastically well.
"We have now gotten beyond using historical figures that didn't show a true picture of the Bay,
and the outlook is even better," he said.
He said the pipfruit industry is on a roll, which is "hugely positive" and the wine industry, while they would like better prices for their product, is flourishing.
Areas that have contributed to this boost in the economy are increased house sales and median selling prices, a spike in retail spending and a jump in tourism.
Property Brokers Hawke's Bay regional manager Paul Whitaker said real estate volumes had "increased by about 30 percent year on year".
"We're on 1 per cent now behind the peak," Mr Whitaker said.
He said people had more equity in their houses than they have had previously.
He also said there were fewer reasons for people to move.
"More Auckland investors are coming into our market which is putting pressure in the housing market and pressure in the volume."
Taradale, Greenmeadows, Ahuriri and Havelock North remain the hot spots in the region but increased interest had been shown in recent months.
According to ESL the total volume of retail spending in Hawke's Bay also rose 5.6 per cent, compared with 7.9 per cent nationally.
"Spending activity has risen by 17.8 per cent over the full period, in nominal terms," the report reads.
"The Hawke's Bay visitor spending gain over the latest year was 2.7 per cent."
The region also enjoyed increased employment and a reduced level of rate of unemployment.
In addition the Monitor reports that millions of dollars has been spent on capital works with the Napier Port throwing $19 million into new investment during the 2013/14 year and the Ahuriri Airport Hawke's Bay set to spend $5 million on upgrading its terminal.
Mr Dalton said Napier City Council was looking at spending about $170 million alone.
Statistics NZ reports the total primary production sector accounts for 14 per cent of total GDP in the region.
"Secondary industry, processing manufacturing, utility services and construction, 22 per cent, commercial services 31 per cent, public and community services 18 per cent and other items15 per cent," the report reads.
The industries that experienced the strongest nominal GDP grow over the past six years since the Global Financial Crisis are agriculture, business services, non-primary product manufacturing, utility services and community services.
Hastings Mayor Lawrence Yule said the district's whole economy is around what is grown here, the added value to the primary products and the logistics getting it to market.
"That is one of the reasons why I see such a bright future for us ultimately because we have got product at a very high-quality end that people want," he said.
"So this economy it relies on exports, our whole business model is on exporting."
"All this land around here - it would be one of the most fertile pieces of land certainly in New Zealand and, people would argue, the world."
