The goals for economic development have long focused on expanding opportunities for citizens. With greater pressure to demonstrate impact, states have embraced the collection and reporting of performance indicators. However, as the economy continues to change, economic development goals become more nuanced. Consequently, state economic development leaders seek to improve the indicators they use to measure the effectiveness of their incentive programs. This white paper describes common indicators in use, pros and cons of the two most common types of indictors: those representing jobs and investment. The white paper also offers guidance on the process for improving and expanding the slate of indicators states can deploy to evaluate their efforts.