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The pandemic has had a devastating effect on student achievement. The Elementary and Secondary School Emergency Relief (ESSER) program was established to address students' learning losses; however, districts vary greatly in how they spent the ESSER money. In this study, we utilize district-level state assessment data and ESSER expenditure data to analyze spending priorities and the impact of spending patterns on student performance. Preliminary research indicates that, on average, nationwide math proficiency rates declined by 8.76. We have observed a substantial within-state district-level variation in spending priorities. Additionally, substantial portions of the budget have been allocated to spending categories such as facilities and operations, beyond instruction. Our ongoing work focuses on identifying the causal effect of spending patterns on learning outcomes.