New data from economic consultancy REMPLAN suggests the city finally clawed its economic output back to pre-pandemic levels in January, and was nearing $1307.5 million by the end of March.

That was more than $7 million higher than the month the pandemic triggered a health and economic crisis and even came with a slight increase in the number of people with work.

It is unclear whether those gains are at risk as Bendigo endures its fourth lockdown of the pandemic, though some city leaders are now calling for a new 'ring of steel' blocking travel from Melbourne to protect hard-won gains.

More on that story: Bendigo leaders hope to see reintroduction of the 'ring of steel'

The first lockdown and associated state of emergency declaration likely knocked more than $60 million off of Bendigo's output between March and May, REMPLAN estimates.

The second lockdown from June coincided with a slowdown in the recovery.

Over three months, the outbreak intensified and arrived in central Victoria with soaring infection rates connected with schools and local businesses.

At one stage in August there were 57 active cases in Bendigo, with more in the Mount Alexander Shire and other nearby municipalities.

However, Bendigo's economy kept making gains, which accelerated as the virus was eradicated from central Victoria over September.

The gains continued even though Melbourne's "ring of steel" restrictions remained through to early November.

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All of Bendigo's industries were able to make gains during that period, even the ones most exposed to COVID-19 like the arts, retail and tourism.

February's week-long lockdown appears not to have impacted the recovery too deeply and output continued to grow, REMPLAN believes.

It remains too early to tell whether the latest lockdown will be a week-long blip in the rebuild or the start of another winter of heavy social distancing restrictions.

Health minister Martin Foley warned the government was still considering its response to the latest outbreak "on a day by day basis" during a Melbourne news conference on Tuesday.

"There continues to be significant concerns around ongoing transmission, particularly our northern suburbs and many large exposure sites that have been added to the exposure site list over the last 36 hours," he said.

"Our public health team are currently weighing whether there is still coronavirus circulating in these communities."

Mr Foley made the comments moments after revealing the state's active case tally had risen by another three.

He later warned that there were still people in quarantine in Axedale and Cohuna and authorities were yet to confirm whether they had developed symptoms.

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