diff --git a/dialer.go b/dialer.go
index 153fbb37..ad0aaac3 100644
--- a/dialer.go
+++ b/dialer.go
@@ -27,6 +27,7 @@ import (
 	"cloud.google.com/go/cloudsqlconn/errtypes"
 	"cloud.google.com/go/cloudsqlconn/internal/cloudsql"
 	"cloud.google.com/go/cloudsqlconn/internal/trace"
+	"github.com/google/uuid"
 	"golang.org/x/net/proxy"
 	"google.golang.org/api/option"
 	sqladmin "google.golang.org/api/sqladmin/v1beta4"
@@ -73,6 +74,10 @@ type Dialer struct {
 	// defaultDialCfg holds the constructor level DialOptions, so that it can
 	// be copied and mutated by the Dial function.
 	defaultDialCfg dialCfg
+
+	// dialerID uniquely identifies a Dialer. Used for monitoring purposes,
+	// *only* when a client has configured OpenCensus exporters.
+	dialerID string
 }
 
 // NewDialer creates a new Dialer.
@@ -110,12 +115,20 @@ func NewDialer(ctx context.Context, opts ...DialerOption) (*Dialer, error) {
 		opt(&dialCfg)
 	}
 
+	if err := trace.InitMetrics(); err != nil {
+		// This error means the internal metric configuration is incorrect and
+		// should never be surfaced to callers, as there's nothing actionable
+		// for a caller to do. Ignoring the error seems worse and so we return
+		// it.
+		return nil, err
+	}
 	d := &Dialer{
 		instances:      make(map[string]*cloudsql.Instance),
 		key:            cfg.rsaKey,
 		refreshTimeout: cfg.refreshTimeout,
 		sqladmin:       client,
 		defaultDialCfg: dialCfg,
+		dialerID:       uuid.New().String(),
 	}
 	return d, nil
 }
@@ -123,9 +136,12 @@ func NewDialer(ctx context.Context, opts ...DialerOption) (*Dialer, error) {
 // Dial returns a net.Conn connected to the specified Cloud SQL instance. The instance argument must be the
 // instance's connection name, which is in the format "project-name:region:instance-name".
 func (d *Dialer) Dial(ctx context.Context, instance string, opts ...DialOption) (conn net.Conn, err error) {
+	startTime := time.Now()
 	var endDial trace.EndSpanFunc
 	ctx, endDial = trace.StartSpan(ctx, "cloud.google.com/go/cloudsqlconn.Dial",
-		trace.AddInstanceName(instance))
+		trace.AddInstanceName(instance),
+		trace.AddDialerID(d.dialerID),
+	)
 	defer func() { endDial(err) }()
 	cfg := d.defaultDialCfg
 	for _, opt := range opts {
@@ -171,7 +187,42 @@ func (d *Dialer) Dial(ctx context.Context, instance string, opts ...DialOption)
 		_ = tlsConn.Close() // best effort close attempt
 		return nil, errtypes.NewDialError("handshake failed", i.String(), err)
 	}
-	return tlsConn, nil
+	latency := time.Since(startTime).Milliseconds()
+	go func() {
+		trace.RecordDialLatency(ctx, instance, d.dialerID, latency)
+		trace.RecordConnectionOpen(ctx, instance, d.dialerID)
+	}()
+
+	return newInstrumentedConn(tlsConn, instance, d.dialerID), nil
+}
+
+// newInstrumentedConn initializes an instrumentedConn that on closing will
+// decrement the number of open connects and record the result.
+func newInstrumentedConn(conn net.Conn, instance, dialerID string) *instrumentedConn {
+	return &instrumentedConn{
+		Conn: conn,
+		closeFunc: func() {
+			trace.RecordConnectionClose(context.Background(), instance, dialerID)
+		},
+	}
+}
+
+// instrumentedConn wraps a net.Conn and invokes closeFunc when the connection
+// is closed.
+type instrumentedConn struct {
+	net.Conn
+	closeFunc func()
+}
+
+// Close delegates to the underylying net.Conn interface and reports the close
+// to the provided closeFunc only when Close returns no error.
+func (i *instrumentedConn) Close() error {
+	err := i.Conn.Close()
+	if err != nil {
+		return err
+	}
+	go i.closeFunc()
+	return nil
 }
 
 // Close closes the Dialer; it prevents the Dialer from refreshing the information
diff --git a/go.mod b/go.mod
index 0af17c87..d450bcf2 100644
--- a/go.mod
+++ b/go.mod
@@ -4,6 +4,7 @@ go 1.15
 
 require (
 	cloud.google.com/go v0.75.0 // indirect
+	github.com/google/uuid v1.3.0
 	github.com/jackc/pgx/v4 v4.10.1
 	github.com/pkg/errors v0.9.1 // indirect
 	go.opencensus.io v0.22.6
diff --git a/go.sum b/go.sum
index aedbaa25..c38af6bd 100644
--- a/go.sum
+++ b/go.sum
@@ -127,6 +127,8 @@ github.com/google/pprof v0.0.0-20201203190320-1bf35d6f28c2/go.mod h1:kpwsk12EmLe
 github.com/google/pprof v0.0.0-20201218002935-b9804c9f04c2/go.mod h1:kpwsk12EmLew5upagYY7GY0pfYCcupk39gWOCRROcvE=
 github.com/google/renameio v0.1.0/go.mod h1:KWCgfxg9yswjAJkECMjeO8J8rahYeXnNhOm40UhjYkI=
 github.com/google/uuid v1.1.2/go.mod h1:TIyPZe4MgqvfeYDBFedMoGGpEw/LqOeaOT+nhxU+yHo=
+github.com/google/uuid v1.3.0 h1:t6JiXgmwXMjEs8VusXIJk2BXHsn+wx8BZdTaoZ5fu7I=
+github.com/google/uuid v1.3.0/go.mod h1:TIyPZe4MgqvfeYDBFedMoGGpEw/LqOeaOT+nhxU+yHo=
 github.com/googleapis/gax-go/v2 v2.0.4/go.mod h1:0Wqv26UfaUD9n4G6kQubkQ+KchISgw+vpHVxEJEs9eg=
 github.com/googleapis/gax-go/v2 v2.0.5 h1:sjZBwGj9Jlw33ImPtvFviGYvseOtDM7hkSKB7+Tv3SM=
 github.com/googleapis/gax-go/v2 v2.0.5/go.mod h1:DWXyrwAJ9X0FpwwEdw+IPEYBICEFu5mhpdKc/us6bOk=
diff --git a/internal/trace/doc.go b/internal/trace/doc.go
index 025fb237..e1a6dfce 100644
--- a/internal/trace/doc.go
+++ b/internal/trace/doc.go
@@ -12,5 +12,6 @@
 // See the License for the specific language governing permissions and
 // limitations under the License.
 
-// Package trace provides an interface for tracing internal operations.
+// Package trace provides an interface for tracing internal operations and
+// reporting various metrics. Metrics are recorded on a package-global basis.
 package trace // import "cloud.google.com/go/cloudsqlconn/internal/trace"
diff --git a/internal/trace/metrics.go b/internal/trace/metrics.go
new file mode 100644
index 00000000..76d7c022
--- /dev/null
+++ b/internal/trace/metrics.go
@@ -0,0 +1,80 @@
+package trace
+
+import (
+	"context"
+	"fmt"
+
+	"go.opencensus.io/stats"
+	"go.opencensus.io/stats/view"
+	"go.opencensus.io/tag"
+)
+
+var (
+	keyInstance, _ = tag.NewKey("cloudsql_instance")
+	keyDialerID, _ = tag.NewKey("cloudsql_dialer_id")
+)
+
+var (
+	mLatencyMS = stats.Int64(
+		"/cloudsqlconn/latency",
+		"The latency in milliseconds per Dial",
+		stats.UnitMilliseconds,
+	)
+	latencyView = &view.View{
+		Name:        "/cloudsqlconn/dial_latency",
+		Measure:     mLatencyMS,
+		Description: "The distribution of dialer latencies (ms)",
+		// Latency in buckets, e.g., >=0ms, >=100ms, etc.
+		Aggregation: view.Distribution(0, 5, 25, 100, 250, 500, 1000, 2000, 5000, 30000),
+		TagKeys:     []tag.Key{keyInstance, keyDialerID},
+	}
+)
+
+var (
+	mConnections = stats.Int64(
+		"/cloudsqlconn/connection",
+		"A connect or disconnect event to Cloud SQL",
+		stats.UnitDimensionless,
+	)
+	connectionsView = &view.View{
+		Name:        "/cloudsqlconn/open_connections",
+		Measure:     mConnections,
+		Description: "The sum of Cloud SQL connections",
+		Aggregation: view.Sum(),
+		TagKeys:     []tag.Key{keyInstance, keyDialerID},
+	}
+)
+
+// RecordDialLatency records a latency value for a call to dial.
+func RecordDialLatency(ctx context.Context, instance, dialerID string, latency int64) {
+	// tag.New creates a new context and errors only if the new tag already
+	// exists in the provided context. Since we're adding tags within this
+	// package only, we can be confident that there were be no duplicate tags
+	// and so can ignore the error.
+	ctx, _ = tag.New(ctx, tag.Upsert(keyInstance, instance), tag.Upsert(keyDialerID, dialerID))
+	stats.Record(ctx, mLatencyMS.M(latency))
+}
+
+// RecordConnectionOpen reports a connection event.
+func RecordConnectionOpen(ctx context.Context, instance, dialerID string) {
+	// Why are we ignoring this error? See above under RecordDialLatency.
+	ctx, _ = tag.New(ctx, tag.Upsert(keyInstance, instance), tag.Upsert(keyDialerID, dialerID))
+	stats.Record(ctx, mConnections.M(1))
+}
+
+// RecordConnectionClose records a disconnect event.
+func RecordConnectionClose(ctx context.Context, instance, dialerID string) {
+	// Why are we ignoring this error? See above under RecordDialLatency.
+	ctx, _ = tag.New(ctx, tag.Upsert(keyInstance, instance), tag.Upsert(keyDialerID, dialerID))
+	stats.Record(ctx, mConnections.M(-1))
+}
+
+// InitMetrics registers all views. Without registering views, metrics will not
+// be reported. If any names of the registered views conflict, this function
+// returns an error to indicate a configuration problem.
+func InitMetrics() error {
+	if err := view.Register(latencyView, connectionsView); err != nil {
+		return fmt.Errorf("failed to initialize metrics: %v", err)
+	}
+	return nil
+}
diff --git a/internal/trace/metrics_test.go b/internal/trace/metrics_test.go
new file mode 100644
index 00000000..81f493fe
--- /dev/null
+++ b/internal/trace/metrics_test.go
@@ -0,0 +1,13 @@
+package trace_test
+
+import (
+	"testing"
+
+	"cloud.google.com/go/cloudsqlconn/internal/trace"
+)
+
+func TestMetricsInitializes(t *testing.T) {
+	if err := trace.InitMetrics(); err != nil {
+		t.Fatalf("want no error, got = %v", err)
+	}
+}
diff --git a/internal/trace/trace.go b/internal/trace/trace.go
index d80a1712..dc88918d 100644
--- a/internal/trace/trace.go
+++ b/internal/trace/trace.go
@@ -43,6 +43,11 @@ func AddInstanceName(name string) Attribute {
 	return Attribute{key: "/cloudsql/instance", value: name}
 }
 
+// AddDialerID creates an attribute to identify a particular dialer.
+func AddDialerID(dialerID string) Attribute {
+	return Attribute{key: "/cloudsql/dialer_id", value: dialerID}
+}
+
 // StartSpan begins a span with the provided name and returns a context and a
 // function to end the created span.
 func StartSpan(ctx context.Context, name string, attrs ...Attribute) (context.Context, EndSpanFunc) {