Higher education systems equip individuals with the tools they need to succeed in the labor market with higher-paying jobs that lead to improved living standards and more secure and fulfilling lives. Higher education was critical in the recovery from the last recession, and during the COVID-19 crisis, higher education has acted as a protective factor against the economic downturn. Investing in higher education will not only support Washington residents, but it will help narrow equity gaps and improve outcomes for communities of color. This research spotlight presents the following: (1) Higher education leads to higher earnings and lower unemployment; (2) Displaced workers will need higher education to reenter the labor market; (3) Higher education has the potential to help close equity gaps and increase economic mobility for people of color; and (4) Investing in higher education in the wake of the COVID-19 crisis will be necessary for recovery.