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The pace of innovation in construction today lags behind most other industries. To increase the investment attractiveness of the industry, a new mechanism is needed to generate, spread and introduce innovations, including a strategic assessment of the economic effects of introducing innovations, which determines the relevance of the study. The purpose of this article is to develop strategic tools for assessing the economic effects of introducing innovations into the investment and construction cycle. Theoretical and empirical methods, expert assessment, classification and structuring of information, reference and statistical data, a comparison method were used to analyze the existing problem. As a result of the study, the scientific and theoretical foundations of the definition of innovation and the main aspects of the functioning of the investment and construction cycle were summarized. The most significant sources of the formation of the economic effect as a result of the introduction of innovations in the investment and construction cycle are highlighted. A set of methods is proposed, the adaptation of which allows us to evaluate the economic efficiency of introducing innovations into the investment and construction cycle. An algorithm has been developed for assessing the economic effect of introducing innovations into the investment and construction cycle. The article will be useful both for the enterprises of the construction industry themselves, and for investors and other interested parties. [ABSTRACT FROM AUTHOR]