MI SB1116

Creates a strategic and operational advisory board tasked with developing a statewide strategic plan for economic development and an operational plan within 1 year of member appointment, with annual updates due by September 30 thereafter.

Requires the strategic plan to identify specific economic development goals and objectives with quantifiable metrics anchored in population growth and resident prosperity, including strategies for natural resources, rural/suburban/urban development, infrastructure, affordable housing, water availability, environmental protection, education, and public safety.

Mandates the strategic plan include identification of up to 5 key regions for economic development, analysis of state assets and competitive landscape, and historical performance evaluation of past economic development strategies based on outcomes like median income, population growth, and educational attainment.

Requires the operational plan to establish processes for evaluating the state's effectiveness in exercising economic development powers, measuring progress toward performance metrics, and coordinating with state agencies administering housing, education, workforce, transportation, and environmental programs.

Mandates annual reports to the Governor, House Economic Development Committee, Senate Economic and Community Development Committee, and relevant appropriations subcommittees, published on the fund or Michigan Economic Development Corporation website, beginning May 1, 2026.