IT would be wrong to appraise the broader Hunter economy on the state of the Newcastle CBD. And there is more to the city centre than its new buildings.
But it would be similarly misguided to ignore the start of another round of key projects in Newcastle, with work beginning on the Darby Plaza development by GWH, the Doma Group's Little National hotel building at 42 Honeysuckle Drive and the first building of the University of Newcastle's city campus, a few blocks east at 16 Honeysuckle Drive.
As well as these, there's the continuation of Iris Capital's East End development, which has literally changed the face of the Hunter Street mall.
Then the conversion of the former council building at Civic into the 130-room Roundhouse Crystalbrook - its new, glass-walled top floor giving a new look to a familiar landmark.
And two other Doma sites, the massive transport interchange looming over the West End where The Store used to be, and the waterfront Huntington apartments at 35 Honeysuckle Drive.
High-rise - or even medium-rise - buildings remain a controversial topic in Newcastle.
But there is no denying the amount of money that construction contracts, not to mention the day-to-spending of an army of fluoro-vested "tradies", are pumping into the regional economy.
COVID-19, of course, is the great unknown when it comes to predicting the Hunter's likely future.
Even without the complicating influence of coronavirus, the apartment industry is known for its cyclic nature, making it both a hostage to - and an indicator of - the ups and downs of the economy.
On Tuesday, Reserve Bank Deputy Governor Guy Debelle surprised many by predicting the September quarter accounts would show Australia was out of recession.
While the understandable response of some was to ask what planet the RBA inhabited, there's an argument to say these are relatively good times for those with secure jobs.
Borrowing - for those inclined - is easy, and COVID restrictions have helped generate record levels of saving.
A sizeable slice of the Hunter housing market looks to be driven by Sydney residents, who still see Hunter property as cheap.
As terrifying as the global pandemic is to many, the Australian economy - and the pressing business, for many, of making money - rolls on.
Sentiment can turn in a blink, but for now, we look in surprisingly good shape.
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