Tenders are open for the project.

The $900,000 reef will be located 6.3 kilometres east of the Hastings River bar.

Primary Industries Minister Niall Blair and Port Macquarie MP Leslie Williams urged local business to turn their attention to the tender process. Mr Blair said it was an open tender process and he encouraged local firms to have a look at the tender documents.

Mrs Williams echoed that message.

"I, like the minister, would hope we would see some local businesses consider the tender," she said.

The multi-component reef, with a total volume of about 1600 cubic metres, would typically be made up of 20 to 30 self-weighted modules.

The structure off Port Macquarie will be the state's third artificial reef.

"Fishing is one of Port Macquarie's most popular recreational activities - that is why it is so important we invest in infrastructure and programs to support this crucial sector," Mr Blair said.

The state's other artificial reefs are off Sydney and Shoalhaven Heads.

Mr Blair said those artificial reefs attracted lots of fish, encouraged more fishers and the benefits were broadly felt in the business sector.

The artificial reef off Port Macquarie, funded through the Recreational Fishing Trusts, will be constructed using purpose-built concrete.

Mrs Williams said the artificial reef would bring a significant boost to the economy.

"When you have any recreational activity, particularly one like fishing that attracts tourists and visitors, there is a significant positive outcome and flow on factors for our local businesses," she said.

The project's environmental assessment has been finalised.

Tenders close at 2pm on August 27.