This study proposes a comprehensive framework for measuring the economic contribution of IT product management functions within major U.S. technology hubs, specifically Austin, Seattle, and Boston. Through the development of a composite Productivity and Innovation Index (PII), this research quantifies how product management practices influence innovation outputs, job creation, and venture capital-backed startup growth. Our analysis reveals significant variations in product management effectiveness across these metropolitan areas, with implications for regional economic development strategies. The proposed methodology offers policymakers and business leaders a data-driven approach to evaluate and enhance the strategic value of product management capabilities within technology ecosystems.