A drop in building permits during the final month of last year was driven by the South, while the West was behind an increase in completed construction.

In places where permits are issued, 1,263,400 new privately owned housing units were authorized last year, up from an upwardly revised 1,206,600 authorized units during 2016.

The 2017 total included 817,700 one-unit properties, 35,400 two-to-four-unit property units and 410,300 multifamily housing units.

Source: Mortgage Daily