GDP is like the figure at the bottom of corporate income statements. It represents the volume of economic activity in a community / region / country over a period of time. But most of us would not invest in a company solely on the strength of its sales and production volume last year. We would also look closely at the asset value and liabilities on the company's balance sheet.
The "Community Balance Sheet" provides a new way for us to evaluate the assets and liabilities of a community, region, or country. It adds depth to traditional measures of "how our economy performed" by asking "how strong are we today?"
This example of the "Community Balance Sheet" (for Windsor, Nova Scotia, Canada) uses publicly available data as indicators of the community's assets and liabilities. The indicators are grouped under the "five capitals" of sustainable development (the modern factors of production): social capital, human capital, built capital, financial capital, and natural capital.
The "Community Balance Sheet" is licensed under the creative commons (see the sheet for details). Drop me an email if I can help apply this concept in your community.