This bill creates a new legal requirement by adding a section to chapter 43.330 RCW that directs "the department" to develop a statewide economic development and competitiveness strategic plan. The plan must, at minimum, include goals and strategies for state-supported economic development based on economic and industry data; a state economic profile covering demographics, workforce, industry landscape, regional and tribal economics, infrastructure, and assets; identified economic challenges and opportunities; updates on the small business resiliency program and other business support programs; equity and community wealth building efforts; metrics for measuring outcomes; and an implementation plan. The plan must be completed by June 30, 2027, updated every two years thereafter, and delivered to the appropriate committees of the legislature. Affected entities named in the bill include "the department" (not specifically identified), the small business resiliency program, businesses generally, and regional and tribal economies; the bill does not name the specific legislative committees. The text provided does not include implementation authority, funding, staffing, enforcement provisions, or a specific RCW section number beyond the chapter reference. This is a procedural planning mandate rather than a criminal or penalty change.

A state agency will need to assemble and keep current a comprehensive economic development strategy that pulls together data, an economic profile, program updates (including the small business resiliency program), equity and community wealth goals, outcome metrics, and an implementation plan, deliverable to the Legislature by June 30, 2027 and refreshed every two years. Practically, this means that the unnamed “department” will face new ongoing workload and coordination responsibilities—collecting and analyzing economic and industry data, working with regional and tribal entities, and getting program updates—which will likely require staff time and possibly new costs that could shift priorities for existing programs and influence what businesses and local economies see as state-supported economic development actions. Key specifics are missing, so it is unclear who exactly must do the work, which legislative committees receive the plan, and whether the state will provide additional funding or authority to cover the work; without those details the timing, staffing, and budget impacts on the department, the small business resiliency program, and regional or tribal partners are uncertain and could create risks of delays or unfunded new responsibilities.