A report analyzes equity patterns of school capital investment, relying primarily on school district annual capital outlay data reported in the U.S. Department of Education’s Common Core of Data. It also examines which state policies may promote more progressive investment patterns. Confirming other studies, it finds that school district capital expenditures vary from year to year and from state to state, each state has a unique approach and mix of policies governing state support for local capital outlay, and capital outlay is rarely equal or progressive. The report also finds that states with policies that aim to equalize capital spending are more likely to provide more or equal capital outlay for students from low-income backgrounds. These findings are all well-supported, and the report’s recommendations provide useful insights for state and federal policy that will promote more progressive capital spending.