The science and engineering workforce has aged rapidly in recent years, both in absolute terms and relative to the workforce as a whole. This is a potential concern if the large number of older scientists crowds out younger scientists, making it difficult for them to establish independent careers. In addition, scientists are believed to be most creative earlier in their careers, so the aging of the workforce may slow the pace of scientific progress. We develop and simulate a demographic model, which shows that a substantial majority of recent aging is a result of the aging of the large baby boom cohort of scientists. However, changes in behavior have also played a significant role, in particular, a decline in the retirement rate of older scientists, induced in part by the elimination of mandatory retirement in universities in 1994. Furthermore, the age distribution of the scientific workforce is still adjusting. Current retirement rates and other determinants of employment in science imply a steady-state mean age 2.3 y higher than the 2008 level of 48.6.

In evaluating research investments, it is important to establish whether the expertise gained by researchers in conducting their projects propagates into the broader economy. For eight universities, it was possible to combine data from the UMETRICS project, which provided administrative records on graduate students supported by funded research, with data from the U.S. Census Bureau. The analysis covers 2010-2012 earnings and placement outcomes of people receiving doctorates in 2009-2011. Almost 40% of supported doctorate recipients, both federally and nonfederally funded, entered industry and, when they did, they disproportionately got jobs at large and high-wage establishments in high-tech and professional service industries. Although Ph.D. recipients spread nationally, there was also geographic clustering in employment near the universities that trained and employed the researchers. We also show large differences across fields in placement outcomes.