"Hawke's Bay's horticulture and viticulture sectors continue to perform well," he said.
"Apples are particularly buoyant this quarter. In fact, apple trees are replacing grape vines in some areas."
While Hawke's Bay leapt up the rankings it was deemed unworthy of a five-star rating, instead climbing from three stars in the previous quarter to four.
Otago received five stars, as did eleventh-ranked Auckland and seventh-ranked Bay of Plenty Five stars are "steaming", four "simmering", three "stable", two "needs an energy boost" and one "in the doldrums".
Otago knocked Bay of Plenty from five straight quarters at number one to become "New Zealand's new top dog", rising from sixth place in the second quarter as it outperformed in construction and tourism.
"The region is bursting at the seams, with construction up 70 per cent for the year," he said.
"Otago tourism hotspots Queenstown and Wanaka would benefit from more holiday accommodation as the no-vacancy sign has been up for much of the year."
He said Reserve Bank investor restrictions slowed house sales nationally, particularly in Auckland, and wasn't expected to change over the remainder of 2016.
"House price gains have slowed and may continue to slow further. However, only time will tell how long this slowdown will last," Mr Tuffley said.
He said construction was the star performer for most regions, with cranes dominating the Auckland skyline and the region's performance.
The ASB/Main Report reiterates the recent Westpac Quarterly Economic Overview, which said horticulture was "booming" and forestry prices "hovering near record highs" and beef exports are coming off a high in value of exports.
"With population growth centred in Napier and Hastings, those areas will continue to see strong demand growth for retail and other services, as well as house price growth," it said.
"Dwelling consents are also expected to stay strong, which means plenty of work for the construction sector.
"Given an overall positive picture, we would expect regional employment confidence to pick up a little, as the unemployment rate falls.
"Tourism is expected to continue to grow, with the region not having the same capacity constraints as some other parts of the country. This will also provide a buffer against the vagaries of the primary sector, which is weather dependent."
Spring was kind to Hawke's Bay, with no major frosts and enough rain for good pasture growth.
The long-range forecast is for a summer with average temperatures and rainfall.
