This paper provides evidence that rapid workforce aging has contributed to slow productivity growth in the US over the last two decades, through its impact on innovation. I document that workforce aging in local labor markets leads to a reduction in R&D employment and fewer inventions using an instrumental variable strategy. Reductions in R&D employment are driven by within-age group changes, rather than a composition effect driven by age-specific R&D employment rates. This finding suggests that workforce aging impacts innovation through a demand channel, i.e., younger workers have a higher demand for inventions, rather than a supply channel operating, e.g., through the comparative advantage of young workers in innovation. Corroborating a strong demand channel of demographics, I also find that the workforce aging of international trading partners leads to a reduction in local innovation.