(Bloomberg Business) - - After shacking up with family or friends for the last few years, millennials finally seem to be striking out on their own.
The number of households grew by 1.48 million in the first quarter from a year earlier, following a 1.66 million increase in the final three months of 2014, according to data released Tuesday by the U.S. Census Bureau. While the numbers can be volatile, it still marks the fastest back-to-back gains in household formation since the second half of 2005.
The Census data don't break out age groups, so they don't specify who is forming these new households. But separate reports show the previous weakness in household formation was being driven by millennials, or young adults born after 1980, so that group is most likely driving the improvement as well, said Maury Harris, economist at UBS Group AG in New York.
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