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.

Directs 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.

Appropriates the sum of six hundred thousand dollars, or as much thereof as may be necessary, for the fiscal year ending June 30, 2007, from the general fund to the department of community, trade, and economic development for the purposes of this act.