The returns on higher education: Estimates for the 48 contiguous states

Governors of a number of states are seeking to expand the proportion of workers with college degrees so that their economies do not fall behind in the new economy. However, because of pronounced differences in the compositions and levels of development of state economies, returns on higher education are far from equal across the states. We estimate the average return on a college degree in each state in terms of its effect on per capita income, holding constant other factors that also influence levels of per capita income.