There is a longstanding interest in the link between economic conditions and fertility levels. Most research measuring economic development has focused on national-level patterns and period total fertility levels. This study aims to extend existing knowledge by carrying out a subnational regional analysis of the link between economic conditions and parity-specific fertility, paying particular attention on the role of education. For this we look at three cohort fertility outcomes by women’s level of education: the share of women who remain childless, the mean number of children per mother, and the mean number of children per woman. As data source we use harmonized register, census, and large-scale survey data from 15 European countries. We focus on women born in the late 1960s and measure their fertility at the end of their reproductive career. This information we combine with the regional GDP per capita of their region of residence at that time. Our findings show that, conditional on having become a mother, cohort fertility associates with economic development positively at the country level among high-educated women, but not among low-educated women. At the regional level within countries, the negative association between economic development and fertility among mothers is weaker among women with higher levels of education. In contrast, childlessness tends to be higher in countries and in sub-national regions characterized by higher GDP per capita levels. These findings suggest that continued childbearing by highly educated women plays an important role in offsetting high levels of childlessness in countries and regions with favourable economic conditions in Europe.