Builder confidence in the U.S. single-family home market remained steady in January, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index.

For the month, the 100-point index stood at 67, down two points from the downward revised 69 the index stood at in January.

"Builders begin the year optimistic that a new Congress and administration will help create a better business climate for small businesses, particularly as it relates to streamlining and reforming the regulatory process," said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas.

Robert Dietz, the association’s chief economist, said the building industry should be strong in 2017.

"NAHB expects solid 10 percent growth in single-family construction in 2017, adding to the gains of 2016," Dietz said. "Concerns going into the year include rising mortgage interest rates as well as a lack of lots and access to labor."