The report also found that £843m of infrastructure is currently open and operational, while £191m is under construction and a further £250m is in development. 

The report also found that in the last year, hub projects supported 158 local jobs, delivered 1,231 apprenticeship weeks as well as 1,377 training weeks on site, alongside 2,192 hours of careers advice and education engagement. 

A total of 55% of SMEs involved in hub projects were based within the territory, and 90% were Scottish SMEs, the report found. 

Initiatives such as Meet the Buyer events and the Build Fife programme are helping local businesses to understand procurement opportunities and to compete for work. The Build Fife model programme is currently set to be rolled out to other areas of the region. 

Through its enabling funds, hub East Central Scotland has also invested £3.78m to help public sector partners form new projects. 

This includes a feasibility study for Fife Council, assessing the possibility of solar panel installations in 60 sites to help decarbonisation, cut energy costs and support sustainability targets. 

Jayne MacLennan, chair, hub East Central Scotland, said: “This year’s Annual Report demonstrates the strength of the partnerships we have built across the region and the difference that investment is making in our communities. 

“The strength of our £1.5 billion development pipeline is a clear indication of the continued confidence in the hub model and gives us an exciting opportunity to build on what we have achieved, delivering high-quality infrastructure while ensuring that investment creates the greatest possible benefit for communities.”

Brian Craig, chief executive of hub East Central Scotland, said: “Every project that we deliver is designed to create lasting social and economic value.”

Projects in the report include the £77m Caledonia High School, the £65m Alloa Wellbeing Hub and Lochies School, the £21m Callander Primary School and the £12m Templehall.