January 2021 Construction Spending Again Improves Analyst Opinion of Construction Spending Construction spending is remarkedly strong considering the impact of the coronavirus pandemic. Private construction had been fueling construction growth (and is still contracting) - but currently, public construction is fueling the growth. Consider this report slightly worse than last month. Construction employment has contracted significantly from pre-pandemic levels. Econintersect analysis: Inflation-adjusted construction spending up 3.1 % year-over-year. 3 month rolling average is 5.7 % above the rolling average one year ago which decelerated 0.1 % 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.