The National Association of Home Builders was upbeat about the positive trend of the homebuilding industry in the last three months of 2016, and is even more so about the spending pace in the new construction report for January.

"Private residential construction got off to an auspicious start in 2017," the NAHB proclaimed.

Total private residential construction spending grew 0.5 percent in January to a seasonally adjusted $476.4 billion.

Single-family construction grew by 1.4 percent month-over-month, according to the NAHB, and has expanded by 2.3 percent from a year ago.

Multifamily construction spending in January grew by 2.2 percent, and the sector is 9.0 percent higher versus January 2016.