Hawke's Bay has fallen three places in the latest ASB/Main Report Regional Economic Scoreboard.
The region ranked sixth nationally for the December quarter but retains its four-star rating.
House price growth increased "a heady 19 per cent" for the year to December with construction growth not far behind at 16 per cent for the same period.
"Looking at the big picture, we still like what we see in terms of some of the strength in horticulture and viticulture in the region," the report said.
"As a result, the Bay keeps its four-star rating, and we're expecting continued strong performances over 2017."