Looking for measurements to gauge area’s economic development

Here's a good article on developing metrics to measure economic performance.

Where do we want Decatur to go, and how do we get there from here?

Measurement is the key, explained Jeff S. Thompson, senior business adviser with the Office for Economic Development at The University of Alabama in Huntsville.

Thompson does not pretend to know how residents would describe the perfect Decatur, but he has information on how to measure progress once residents decide what Decatur should be.

Thompson would like to see Decatur — preferably in conjunction with communities in Morgan, Limestone and Madison counties — develop an economic performance index. The index would track numerous measurements that are significant to Decatur or the region. By tracking measurable data, it would be a springboard to strategies for improvement and a tool for measuring the success of those strategies.

Thompson pulled together some cursory data to explain the concept. Some of the data is disturbing. Decatur’s work force is shrinking as the elderly retire at a faster rate than new workers take jobs. Our population rate is flat while neighboring communities grow. Read more here.