April 2021 Construction Spending Improves Analyst Opinion of Construction Spending Year-over-year growth improved as it is being compared to the pandemic-induced recession which interestingly had only a slight affect on construction. Consider this report better than last month. Construction employment has significantly improved, and is now generally correlating with construction spending. Econintersect analysis: Inflation-adjusted construction spending up 7.4 % year-over-year. 3 month rolling average is 5.9 % above the rolling average one year ago which accelerated 1.4 % month-over-month. As the data is noisy (and has so much backward revision) - the moving averages likely are the best way to view construction spending. Backward revision for the last 3 months was slight.