AbstractShifts in phenological timing have important implications for ecosystem processes, with spring leaf emergence as a dominant control of carbon, water, and energy cycling. Phenological events are predominantly determined by weather and climate, therefore dynamic in time and sensitive to climate feedbacks. Improving our understanding of how ecosystems respond to changes in phenological timing will enhance our ability to assess summer soil water availability, since the timing of spring leaf emergence may lead to soil moisture deficits later in the growing season. We leveraged data from five AmeriFlux towers in central and eastern United States to investigate the extent spring leaf emergence (i.e., start of spring, SoS) influences rates at which forest canopies develop and how this impacts summer soil moisture (θ_JJA) variability. Our results indicate that ecosystem processes, specifically gross primary production (GPP) and evapotranspiration (ET), exhibit compensatory responses to varying leaf emergence; with delayed spring‐onset, the canopy developed more quickly, resulting in rapid GPP and ET increases, consistent across sites. Nonetheless, early SoS is a relatively good indicator for potential summer soil water deficits, particularly when it occurs together with meteorological conditions (i.e., lower‐than‐average precipitation, hot summer temperatures) that contribute to soil water deficits. When these meteorological conditions coincide with early SoS, θ_JJA deficits are exacerbated. To the extent that these extreme conditions occur more frequently under future climate scenarios, the dynamics of spring phenology and hydroclimate may play an increasingly important role in portending the likelihood of summer water deficits, which are projected to become more severe.