This article, which forms part of a comprehensive research project on measuring the level of competitiveness, sets out a proposal for developing an index to measure the competitiveness of the regions of a country. The aim is to develop a new approach to competitiveness, by measuring how resources and capacities are managed in a given region of a country, to generate a sustained increase in business productivity and the well-being of its population. The following pillars of the competitiveness of regions are identified: (i) government and institutions; (ii) economic development; (iii) productive infrastructure; (iv) human capital; and (v) business efficiency. For each of these pillars, five factors and their variables are identified to measure the various aspects of regional competitiveness. These represent a second and third level of disaggregation that enhances the analysis that can be made using the results obtained.