The bill establishes a new requirement for the Washington State Department to develop a comprehensive statewide economic development and competitiveness strategic plan. This plan must encompass various elements, including goals and strategies for state-supported economic development, a detailed state economic profile, an analysis of economic challenges and opportunities, updates on small business programs, and initiatives focused on equity and community wealth building. Additionally, the plan will include metrics for measuring outcomes and an implementation strategy.

The strategic plan is mandated to be completed by June 30, 2027, with updates required every two years thereafter. Upon completion, the plan must be submitted to the relevant legislative committees to ensure oversight and accountability in the state's economic development efforts.