The generally recognized measures of economic success have already been developed. You need only go find a good text from a "Comparative Economic Systems" course to get a feel for the framework for analysis and the parameters to consider. Then isolate out those things that are within or without the power of the local government.

A good overlay would be to think of Portland (and region) in terms that would be familiar to Latin American based Economist that is well schooled in "Economics of Lesser Industrialized Countries."

By all means stay far away from the junk economics of Regional Economics that is nearly infinitely elastic and one-sided to suit a politician's agenda.

Veblen too has good measures. His long sentences, though, would hardly find a home in anyone's effort to draft campaign slogans. It is largely qualitative analysis.

I consider the greatest measure of the reduction of economic well-being as the explosion of public debt. One would have to go research the problem of debt in the Latin America, incurred in the process of aiding development, to see the errors that are being inflicted upon Portlander's and Oregonian's on an ever expanding basis today. If Portland wants to pay me ten grand here and ten grand there to say that certain plans are all wet rather than wise, I'll be more than happy to oblige. Which is why this economist will remain broke by any measure other than that of integrity.