CA AB1558

Renames the California Economic Development Strategic Plan to the California Economic and Workforce Development Strategy and changes the update cycle from biennial (every 2 years) to every 5 years, with updates required by October 31 of each succeeding fifth year.

Requires the Secretary of Labor and Workforce Development to lead strategy preparation with assistance from the California Economic Strategy Panel and California Workforce Investment Board, and mandates a preliminary strategy be posted online and submitted to legislative committees by July 1, 2011.

Establishes the California Economic Strategy Panel within the Secretary of Labor and Workforce Development's office with 13 members including state officials, gubernatorial appointees, legislative representatives, and private sector representatives, requiring at least two meetings per year.

Requires the strategy to include economic goals, prioritized issues, legislative proposals, program evaluations, key industries, and measurable outcomes with timelines, along with funding options and implementation structures for economic and workforce development.

Declares the act an urgency statute taking immediate effect to encourage economic development throughout the state's regional economies.