The department shall develop a statewide economic development and competitiveness strategic plan. At a minimum, the plan shall include the following: (1) Goals and strategies for state-supported economic development activities in the state, utilizing analysis of economic and industry data; (2) a state economic profile, examining such factors as demographics, workforce characteristics, industry landscape, and regional and tribal economics, infrastructure, and assets; (3) economic challenges and opportunities; (4) updates on the small business resiliency program and other programs addressing the overall needs of businesses; (5) equity and community wealth building efforts; (6) metrics for measuring outcomes; and (7) an implementation plan. The plan shall be completed by June 30, 2027, and updated every two years thereafter. Completed plans must be delivered to the appropriate committees of the legislature.