The plan is set to replace the City Strategy, Prosperity for All document, which was published in 2011 and provided the overarching economic strategic framework for the city.
Its revision reflects significant changes to the context in which the city operates, including the creation of the West Midlands Combined Authority, changes to local government finance, growing confidence in Wolverhampton and the City Vision 2030.
The new Strategic Economic Plan: Delivering Prosperity for All (2019-2024) will help shape the City of Wolverhampton's economic policies, priorities and actions.
It is aimed at delivering inclusive growth and creating the conditions for growth through four main themes:
- an enterprising city
- a working and inclusive city
- a vibrant city
- a future city
The new plan highlights key achievements for the city since the initial city strategy was developed, plus the ongoing challenges.
It also makes clear the importance of addressing the key components of productivity growth: more jobs, improved skills and economy.
The action plan identifies priority actions against each theme.
City of Wolverhampton Council Cabinet Member for City Economy, Councillor John Reynolds, said: "Our city has seen significant investment in recent years and the coming years will see even more.
"The momentum of change is gathering pace and this new Strategic Economic Plan reflects that.
"Everyone associated with the City of Wolverhampton has a vested interest and I would urge residents and businesses to get involved with this consultation and help shape the future of our city."
To view the draft Strategic Economic Plan and take part in the consultation, please visit Strategic Economic Plan 2019-2024
The consultation will run until Friday 22 February, 2019.