Measuring What Matters: Simple Metrics for Small Town Economic Development

For small towns, every dollar and hour spent on economic development counts. With limited staff and tight budgets, it’s tempting to focus only on getting things done and not on tracking results. But measuring progress is more than a bureaucratic exercise—it’s the key to securing future funding, demonstrating accountability to councils and residents, and making sure your efforts are actually moving the needle. Funders, grant agencies, and even your own council want to see evidence that your projects are working. Simple, consistent metrics help you tell your story, justify investments, and adjust your approach as needed

Identifying Simple, Meaningful Metrics

Not all numbers are created equal. It’s easy to be dazzled by big, impressive statistics, but what matters most are metrics that reflect the real health and direction of your local economy. For small towns, the best metrics are those that:

• Are directly tied to your community’s goals (like job creation or business growth).

• Can be tracked without specialized software or complex analysis.

• Provide actionable insights—meaning you can use them to make decisions.
  

Examples of meaningful metrics include:

• Number of new businesses opened (and how many stay open after a year).

• Local employment rates or number of jobs created.

• Population trends (growth, retention, or loss).

• Vacancy rates in downtown storefronts.

• Participation in community events or business forums.
  

Easy-to-Collect Data Points for Valuable Insights

You don’t need a data analyst to track the basics. Here are a few data points you can gather with minimal effort:

• Business Openings/Closures: Keep a running list of new business licenses issued and note when businesses close. This can be as simple as a spreadsheet updated quarterly.

• Job Postings: Track the number of job postings on local bulletin boards, your city website, or social media. This is a good proxy for economic activity and business confidence.

• Downtown Vacancy Rate: Walk your downtown once a quarter and count the number of vacant versus occupied storefronts. This visual check is quick and tells a powerful story.

• Event Attendance: Record participation at local events, markets, or business roundtables. High attendance often signals community engagement and economic optimism.

• Resident and Business Surveys: Distribute a short annual survey to local businesses and residents. Ask about business conditions, hiring plans, and perceptions of the local economy. Even a few responses can reveal trends and guide decisions.
  

Low-Cost Methods for Gathering Information

• Paper or Online Surveys: Use free tools like Google Forms or simple paper surveys handed out at town meetings, local events, or via the chamber of commerce. Limit surveys to 10-15 questions for higher response rates.

• Business Walks: Schedule a quarterly “business walk”—visit local shops and ask a few standard questions about business trends, hiring, and challenges. This builds relationships and yields direct feedback.

• Community Forums: Host informal forums or roundtables for business owners and residents to share their perspectives. Take notes on recurring themes and suggestions.

• Partnerships: Collaborate with local organizations like the chamber of commerce or regional economic development groups to share data collection responsibilities and avoid duplication.

• Use Public Data: Tap into free public data sources (like the U.S. Census or state labor department) for population, employment, and housing trends. These can supplement your local insights.
  

Using Metrics to Make Decisions and Communicate Progress

Collecting data is only half the battle—the real value comes from using it. Here’s how to turn simple metrics into powerful tools:

• Inform Policy and Budget Decisions: Use trends in business openings, job postings, or downtown vacancies to prioritize where to focus limited resources.

• Communicate with Council and Residents: Share key metrics in regular updates to your city council, on your website, or in newsletters. Simple charts or “report cards” make progress visible and build trust.

• Support Grant Applications: Funders want to see evidence of need and impact. Even basic data—like a rising number of businesses or improved event attendance—can strengthen your case.

• Adjust Strategies: If a metric isn’t moving as expected, use that as a prompt to revisit your approach. For example, if downtown vacancies aren’t improving, consider new incentives or support for local entrepreneurs.

Conclusion: Start Simple, Grow Strong

By focusing on a handful of practical, meaningful metrics, you can track progress, make data-informed decisions, and tell your community’s story with confidence. Consistency is more important than complexity—choose metrics you can sustain over time.

If you’re ready to take your economic development strategy to the next level, or need help designing a framework that fits your town’s unique needs, consider reaching out for professional assistance. At HSC, we specialize in helping small Oregon towns like yours build effective, sustainable economic development programs—so you can focus on what matters most: the future of your community.

Ready to get started or need support? Contact HSC for a no-pressure conversation about how we can help your town measure, manage, and maximize economic progress.

Add to follow-up