Construction spending dipped slightly in February compared to January, but it increased year-over-year, according to an analysis by the Associated General Contractors of America (AGC).

Spending in February totaled $967 billion at a seasonally adjusted annual rate, less than 0.1 percent lower than in January but 2.1 percent higher than in February 2014, according to AGC.

Private residential spending in February dipped 0.2 percent from January and 2.1 percent from a year earlier, while private nonresidential spending increased 0.5 percent for the month and 5.9 percent year-over-year. Public construction spending decreased 0.8 percent from January and increased 3.1 percent from February 2014.

“Because severe weather in winter months can distort month-to-month comparisons, looking at the first two months of 2015 combined, compared with the same span of 2014, provides a more realistic picture of construction activity,” says AGC chief economist Ken Simonson. “Among private construction segments, both new multifamily construction and manufacturing construction jumped 30 percent between the first two months of 2014 and 2015. These sectors should remain hot all year.”

In terms of two-month totals, spending on private office construction soared 19 percent, commercial projects rose 17 percent, and new single-family housing increased 11 percent. Educational construction was down 0.7 percent.