Among the projects that have progressed over the past year has been the redevelopment of Inverness Castle – a former sheriff court building.
The report said it remained on budget and there had been minimal impact from Covid restrictions.
Council leader Margaret Davidson said: “The start of this period was marked by truly exceptional and challenging events, which affected everyone globally and our own Highland region did not escape the impact.
“The pandemic and latterly Brexit have been seismic events, which have affected both our lives and the deal.”
She said projects were recovering and were being adapted to fit a “changing environment and landscape”.
The deal was formally signed in Invergordon in January 2017.
Highland Council said the investment would help the whole region, although councillors in areas such as Lochaber, Caithness and Sutherland said the deal would “predominantly benefit” Inverness.