BENDIGO is experiencing a major investment boom to start 2022 worth almost $1 billion to the region's economy.
More than $400 million has been earmarked for new houses and office buildings, education, transport and the arts within Bendigo's CBD and surrounds.
For the local economy, the total value of this investment is actually closer to $1 billion due to the economic multiplier effect of people working, spending, and living in close proximity to these projects.
According to Bendigo planning group REMPLAN, for every single dollar invested in Bendigo, $2.30 are returned to the local economy with flow-on benefits.
Among recently completed and ongoing projects fuelling this boom are the new magistrates courts ($152 million), the GovHub office complex ($90m), Bendigo Kangan Institute ($60m) and the Bendigo Tramways expansion ($11m).
Throw in the federal government announcement's last week of a $4.5m funding commitment towards the $10 million upgrade of the Bendigo Airport and it's not hard to see why Bendigo is booming.
There's also the planned $28 million redevelopment of the Bendigo Art Gallery in the pipeline.
City of Greater Bendigo chief executive officer Craig Niemann said it was pleasing when investment projects come together.
"We had it with the indoor aquatic centre and the stadium and the flow on effects of government investment," Mr Niemann said.
"We work hard trying to attract that money.
"It's great to see cranes in the sky. The hospital was probably the pinnacle of that with four cranes and the Ulumbarra theatre was being done at the same time.
"And it's great that it's happening right now. We've got three hotel developments in the city centre and it's fantastic to see that commercial development."
Mr Niemann also pointed to housing development growth in the city which is tracking abut 1.7 to 1.8 per cent a year.
"That equates to a couple of thousand people per annum and about 800 houses a year," he said.
Mr Niemann said ongoing construction provided important opportunities for local businesses of all sizes.
"It's not just the investment itself but it's the landscaping and all the other bits and pieces that come with it which is really important for the economy and future growth of the city."
Bendigo's investment boom is expected to attract Melbourne-based contractors and workers given the scale of the projects - and hence a need for more accommodation.
In November last year, the City of Great Bendigo gave its approval to Vital Bendigo, a $55m lifestyle community village for semi-retirees to be established at Epsom.
When completed, the development will provide an extra 147 new homes next to the Bendigo Golf Club.
Vital Communities manager Robert Evans said the housing development would help with providing more accommodation in the city.
"When people downsize it might be only one or two older persons living in the house," Mr Evans said.
"They sell their home and that unlocks housing stock for people and families looking to move to Bendigo."
Mr Evans said Bendigo was a fabulous place and ticked so many boxes for liveability, particularly during the COVID-19 pandemic.
"It's absolutely brilliant," he said.
"Regional living is what people want.
"The weather's really good and we're delighted with the skills and services the city has to offer.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content:
Sign up for our newsletter to stay up to date.