Examples of Overall Economic Goals We Will Track and Report

Examples of Overall Economic Goals We Will Track and Report

SMART goals (Specific, Measurable, Achievable, Relevant, and Time Based)

Headline Indicators:

  • Monthly employment growth (YoY) in select industries compared to regional 10-year average
  • Monthly average wage growth (YoY) in select industries compared to regional 10-year average
Source: BLS, updated monthly

Broad Based Economic Indicators:

  • 12-Month payroll employment growth compared to regional 10-year average
  • Average annual wage growth compared to regional 10-year average
  • Annual employment growth compared to peer MSAs (population of 1-4 million)
  • Annual wage growth compared to peer MSAs
  • Labor force growth compared to regional 10-year average
  • Unemployment Rate compared to 10-year average
Source: BLS, updated monthly

Lagging Indicators:

  • Growth in gross regional product compared to 10-year average
  • Annual growth in per-capita gross regional product compared to peer MSAs
  • Inflation-adjusted median household income compared to 10-year average
  • Growth in median household income compared to peer MSAs
  • Population Growth
Sources: BEA & Census, updated annually