(a) The commissioner shall conduct an annual cost-of-living study in Minnesota. The study shall include:
(1) a calculation of the statewide basic needs cost of living, adjusted for family size;
(2) a calculation of the basic needs cost of living, adjusted for family size, for each county;
(3) an analysis of statewide and county cost-of-living data, employment data, and job vacancy data; and
(4) recommendations to aid in the assessment of employment and economic development planning needs throughout the state.
(b) The commissioner shall report on the cost-of-living study and recommendations by February 1 of each year to the governor and to the chairs of the standing committees of the house of representatives and the senate having jurisdiction over employment and economic development issues.