A housing group's contribution to the economy was £210 million last year, a report reveals.

An economic impact report (EIR) for the Aster Group covers the financial year 2017/18 and measures the success of its strategy to build new homes and provide services to its areas such as those in Dorset.

Aster owns, develops and manages 30,000 residential properties across the south of England, with 9,114 of these in the Dorset area – where the need to deliver a large number and variety of homes to a range of people with varying financial circumstances is said to be 'critical'.

Aster enlisted the help of market analysis consultant Development Economics Ltd, which specialises in measuring the impact of organisations’ economic impact.

Its assessment of Aster’s is based on a range of data including turnover, profit, salaries and employment levels.

In the 12 months to April 2018, Aster built 939 homes across the south, generating more than £200m in turnover and seeing its pre-tax profits rise 12 per cent year-on-year to £50m. Eighty nine per cent of the homes built were for social or affordable rent, or affordable ownership options such as shared ownership.

In 2017/18, Aster spent £30.4 million on improvements to homes and £648,000 was invested in community projects.

Bjorn Howard, group CEO of Aster Group said: “As you’ll see in this report, we have made significant headway in meeting challenges head-on. Each year we set a new record for housebuilding across an ever-increasing geography in the south. We provide thousands of jobs across the region and have supported the local economy to the tune of £208 million in 2017/18.

“We’re driven by our vision of ensuring everyone has a home. We’re a not-for-dividend business rather than a not-for-profit organisation. We want to create profit. We reinvest it entirely in our business and it allows us to create even more homes and provide new services to customers.

He added: “Our £2bn development pipeline is creating a housing portfolio that doesn’t just help those on the lowest incomes but supports those who are now shut out by the private rented and ownership markets.

“The wider political context has rightly challenged housing associations to build more homes. Our position in society brings with it, scrutiny. So, in our view, it will become increasingly important for organisations like ours to demonstrate how they are acting virtuously and responsibly. This report is part of our commitment to doing so.”