Creating a statewide economic development and competitiveness strategic plan.

This bill requires the state department to create a statewide economic development and competitiveness strategic plan by June 30, 2027, with updates every two years thereafter. The plan must include specific elements like state economic profiles (covering demographics, workforce, and regional assets), identified economic challenges and opportunities, updates on small business programs, equity initiatives, measurable outcomes, and an implementation strategy. It directly affects state agencies responsible for economic development and the legislature, which must receive completed plans. The bill establishes concrete requirements for data-driven planning and accountability but does not fund new programs or alter existing laws.