Evaluation of High Performance Computing (HPC) systems should take into account software development time productivity in addition to hardware performance, cost, and other factors. We propose a new metric for HPC software development time productivity, defined as the ratio of relative runtime performance to relative programmer effort. This formula has been used to analyze several HPC benchmark codes and classroom programming assignments. The results of this analysis show consistent trends for various programming models. This method enables a high-level evaluation of development time productivity for a given code implementation, which is essential to the task of estimating cost associated with HPC software development.