Today's school business officials are more aware than ever of the importance of making every dollar count. As they scour their budgets for possible savings, they may be tempted to reduce investment in school infrastructure, perhaps by deferring maintenance, renovations, and replacement of outdated facilities. However, school business officials should consider a new paradigm for analyzing the effect of investment in physical capital on student achievement. This article provides a comprehensive definition of school infrastructure. It describes the creation of a new paradigm that addresses the conceptual, statistical, and practical shortcomings of the production function; has the ability to examine multiple outcomes; and provides a theoretical framework that guides the selection of relevant factors or variables. (Contains 4 tables.)