Implementation of investment projects in the field of construction has long remained the most important aspect of macroeconomic development and gains additional relevance in the context of globalization of the world economy accompanied by mass urbanization. Thus, the key role in this context is played by permanent construction projects, as their implementation is followed by not only local but also regional, national or even by global consequences, for example, impact on the environment, different infrastructural, commercial and other aspects. We have defined the investment projects in the field of permanent construction characterized by a higher level of influence as significant investment and construction projects (SICPs). We have considered the economic and institutional features of efficiency analysis for significant investment and construction projects, determined by peculiarities of this category of investments. We have presented a scheme for forming the total effect of the SICP taking into account the economic and institutional factors of social efficiency. We have developed an algorithm for analyzing the efficiency and for selecting the SICP to be implemented with the participation of economic agents of private and public sectors. The algorithm for efficiency analysis and selection of investment and construction projects begins with categorizing projects as either significant or local. According to the approved methodical recommendations on efficiency assessment of investment projects, the public importance of the project depends on the effect of the results from the project’s implementation on the social and economic environment. Then the traditional model of analysis and approval/rejection based on assessment of commercial effectiveness is applicable for local projects. SICPs should be assessed for achieving full efficiency, as a project can be approved for implementation even if it is ineffective from a commercial standpoint, if the full effect taking into account the multiplicative and external components is positive.