The Economic Impact of Older Adults
June 17, 2026
| Dollars and Doers: Age is a Competitive Advantage |
By Harry Coker, Jr., Maryland Secretary of Commerce, and Carmel Roques, Maryland Secretary of Aging  People over 50 are the primary drivers of Maryland’s prosperity. They fuel our growth through their spending, talent, and entrepreneurial spirit. Let me tell you how. As indicated in A Global Revolution in Aging, our first editorial on the Longevity Economy, people over 50 are the most powerful consumers in history. They are responsible for 56 cents of every dollar spent in the United States. In Maryland, this spending will soon support an estimated 1.7 million local jobs in sectors like retail, travel, and professional services. Those numbers will go even higher as we make it easier and more affordable for older Marylanders to stay in the state as retirees, or workers extending their careers or starting new ones. Small businesses grow and hire more workers when our most experienced residents stay engaged and active in their local economies. These residents also contribute an outsized share of state income tax revenue, even as we’ve made Social Security benefits fully tax exempt and provided other senior tax breaks in recent years. Beyond spending, they provide an experience dividend to our workforce. By 2030, more thanone-third of Maryland’s workforce will be 50 or older. These professionals are our engineers, healthcare providers, and mentors — “doers” who get the job done. Their presence ensures that younger workers have the guidance they need to succeed. Or they may strike out on their own. The number of “senior-preneurs” nationwide has grown remarkably in the last decade. Today, a 50-year-old founder is nearly twice as likely to start a high-growth company as a 30-year-old — and the advantage is even greater for entrepreneurs over 60. These founders bring deep professional networks and more capital to their ventures, resulting in stable businesses that create lasting jobs. The state is doing even more to build on Maryland’s longevity leadership. We see a future where older adults have the choice to retire, work, or volunteer, enabled by supportive communities and services — and Made in Maryland health innovations. As we dive deeper into our state’s world-class life sciences and MedTech companies, we continue to see how Maryland is delivering innovation at scale to help people stay healthy and active for longer. If you’re an older adult interested in starting a new business in Maryland, visit the Maryland Entrepreneur Hub for resources on ways to get started. Next month’s issue of REACH will feature the Longevity Opportunity in our third editorial on the Longevity Economy. The Impact of Older Adults on Maryland’s Economy  For more information about the economic impact of older adults on Maryland’s economy, visit the LRM Data Dashboard. |