New US home construction picks up in October

New US home construction rebounded in October after a sharp slowdown the previous month, as the key sector of the economy shows resilience amid firm buyer demand, the Commerce Department reported Thursday. Housing starts rose to an annual pace of 1.32 million, sharply high than September's disappointing 1.23 million unit annual rate. For the year to date, housing starts were up 5.9 percent from the same period of 2015, with single family homes up 10.1 percent.