THE STUDY WAS MADE TO ASSESS THE ECONOMIC VALUE OF THE VOCATIONAL-TECHNICAL SCHOOL AS AN AREA RESOURCE. A FRAMEWORK FOR ANALYSIS WAS SET UP WHICH TREATED VOCATIONAL EDUCATION AS AN INVESTMENT WHICH COMPETES FOR COMMUNITY FUNDS. DETAILED DESCRIPTIONS WERE MADE OF SUCH INFLUENTIAL FACTORS AS (1) KINDS OF COSTS AND BENEFITS WHICH ACCOMPANY ANY LOCAL INVESTMENT IN EDUCATION WITH PARTICULAR ATTENTION TO VOCATIONAL EDUCATION, (2) INSTITUTIONAL SETTING OF THE PROGRAM SELECTED FOR STUDY, AND (3) TOTAL RESOURCE COSTS OF VARIOUS VOCATIONAL PROGRAMS. DATA GATHERED WERE ANALYZED TO DETERMINE THE VALUE OF THE VOCATIONAL HIGH SCHOOL AND POST-HIGH SCHOOL VOCATIONAL SCHOOL AS A MEANS TO (1) PREVENT DROPPING OUT, (2) INCREASE LIFETIME EARNINGS, (3) INCREASE GEOGRAPHIC MOBILITY OF GRADUATES, AND (4) INCREASE INTERGENERATIONAL MOVEMENT OF WORKERS. CONTRIBUTIONS OF THE SCHOOLS WERE MARGINAL IN THE FIRST THREE AREAS AND ONLY RELATIVELY SUCCESSFUL IN THE FOURTH. (AL)