HI HB1603

Directs the Department of Business, Economic Development, and Tourism to contract with an out-of-state economic consultant to conduct a diagnostic assessment of Hawaii's economy, including benchmarking assets and liabilities, analyzing key industries, and evaluating competitive forces such as cost of living and business costs.

Requires the assessment to include analysis of globalization, outsourcing, consumer trends, technological developments, and key policies affecting the state's economic position relative to global competition.

Appropriates $200,000 from general revenues for fiscal year 2009-2010 to hire economic consultants with expertise in international and local economic analysis, with the principal consultant required to be out-of-state to ensure objectivity.

Mandates the Department submit the diagnostic assessment, overall strategy for addressing economic challenges, and any recommended proposed legislation to the legislature at least 20 days prior to the convening of the 2011 regular session.

Takes effect July 1, 2009.