By Harry Coker, Jr., Maryland Secretary of Commerce and Carmel Roques, Maryland Secretary of Aging
If Americans 50 and older were a separate country, they would have the third-largest economy in the world, valued at over $8.3 trillion. Their impact will only grow, since the number of people worldwide who are healthy and productive into their 80s and beyond is rising rapidly. This revolution in aging is about medicine, technology, and progress and a whole new way of looking at the economy and wellness.
The Longevity Economy is the impact of people aged 50 and older, from the work they do and the businesses they start, to the goods and services they buy.
It is huge and diverse—the teacher who gets bored with retirement and starts a new career, or the grandmother who launches her own business. It is the major pharmaceutical company that conducts breakthrough drug research and manufacturing and the first-time entrepreneur building a medical device to help his mother and people like her manage chronic conditions. Above all, the longevity economy is community: the housing, shops, and services that help older adults live, work, and volunteer, safely and independently.
All of these people, organizations, and places are here in our state, and we’ll tell their stories in the weeks and months to come. Maryland is a leader in longevity because we’ve intentionally ramped up state support — from Department of Commerce programs for older entrepreneurs to Department of Labor initiatives to help employers tap into the skills of experienced workers.
This whole-of-government effort is coordinated by the Maryland Department of Aging. Over the last three years, they have met with everyday Marylanders and experts to develop a comprehensive plan for aging, leading to the passage in April of the Longevity Ready Maryland Act, championed and signed into law by Governor Wes Moore. This landmark legislation provides a strategic map to meet goals around economic opportunity, affordability, housing, and mobility to support a truly multi-generational workforce.
We are already turning these global trends in longevity into economic growth in Maryland. We recently welcomed investments in research and manufacturing from the Swedish-British pharmaceutical maker AstraZeneca and Samsung Biologics of Korea, both of which will help people everywhere live longer, healthier lives. We are also drawing insights from international partners like our sister state Kanagawa Prefecture, Japan, a world leader in life sciences and AgeTech.
Helping people stay active and engaged throughout their lives is more than a policy goal; it’s a moral imperative. As we continue to look at the future of longevity, we’ll dive next into the specific economic impact of experienced Marylanders as workers, consumers, and entrepreneurs driving our state forward.
