A measure of economic development for regions is proposed in the form of a multicomponent index. This measure is composed of the following aspects: technology, infrastructure, human capital and social capital and defied by an array of indicators. Such a measure has significant advantages over the most commonly used indicator of GDP per capita. The statistical data based on which it is built are freely available and with a much shorter time lag than GDP at the regional level. This indicator makes it possible to depict economic factors behind long-run economic growth as well as to include less measurable factors such as social change, environmental degradation, etc. On the one hand, the proposed indicator comprises symptoms of the quality of life, and on the other hand, it includes factors which are essential for long-run economic growth and productivity. The authors show usefulness of such an indicator for policy formulation, which is rarely pointed out in the case of other indexes and is especially important at a time when long-run economic growth, and also development, in high-developed countries is endangered. The authors also discuss some general aspects of constructing indexes of economic development for regions, e.g., the often omitted problem of inclusion of cyclical indicators in the indexes of development. Empirical analysis of the proposed indicator is made for the NUTS-2 regions of Poland for the years 2009–2011.