HB 1234-S2 - DIGEST

(AS OF HOUSE 2ND READING 2/02/04)

Finds that: (1) Washington's quality of life, standard of living, and social and economic opportunity all depend on the vitality of the state's economy;

(2) Economic development tries to reinforce the natural way by which strong foundations in the areas of human resources, capital resources, technology, tax and regulatory, advanced physical infrastructure, information and communication infrastructure, and quality of life strengthen the economy;

(3) The strength and vitality of the state's economy depends on the competitiveness of the state's industry clusters;

(4) Industry clusters can become a powerful magnet for businesses to locate in an area and create a spawning ground for start-up companies;

 (5) Industry clusters create large, diverse pools of experienced workers, attract suppliers who tend to congregate in their vicinity for increased efficiency, and foster a competitive spirit that stimulates growth and innovative strategic alliances; and

(6) The state must first identify and understand the industry clusters before strategies can be developed to enhance their competitive position in the world.

Declares an intent to establish an industry cluster-based approach to economic development as a component of a statewide strategy to address economic growth and quality of life issues.

Requires the department of community, trade, and economic development, or its successor agency, to work with industry associations and organizations to identify industry clusters on a regional and statewide basis. The industry clusters may include, but are not limited to, aerospace, agriculture, food processing, forest products, business services, financial services, health and biomedical, software, transportation and distribution, and microelectronics.