The new analysis also states Renfrewshire Council would generate an extra £1.9m a year in council tax payments from new residents.

Housebuilders CALA, Barratt and Bellway outlined a blueprint for the £150m development in September with a range of homes from one-bedroom flats to five-bed detached houses planned for the 95-acre site off Grahamston Road.

The report adds the seven-year construction phase will provide direct 100 construction jobs and add £40m into the regional construction sector.

Tom Johnston, president of Renfrewshire Chamber of Commerce, added: “This proposed £150m investment demonstrates the confidence housebuilders have in Paisley as an attractive place to live.

“We have serious potential to grow our already successful manufacturing industries here in Renfrewshire and new homes are essential if we want to attract and retain our workforce.”

Mark White, director of finance of NHS Greater Glasgow and Clyde, added: “The sale of the surplus land at Dykebar will bring in excess of £10m in funds to the NHS plus a raft of benefits to the patients, staff and visitors on the site.

“All monies from the sale will be reinvested in the existing hospital to enhance and improve services on the site, and will also be used to provide support to frontline services.

“As well as improvements to the existing hospital for patients and staff, the sale will also bring positive improvements to the local area.

“There will be challenges to the local economy after the Covid-19 pandemic and an important contributor to the economy will be housing and construction which will generate wider economic benefits other than jobs.”

Campaigners have submitted a 46- page objection against the development.