In this paper, the author analyzes the effects of an emergency situation, primarily the COVID-19 pandemic, on investments in construction industry. In Serbia, the expansion of construction industry continued in the conditions of the COVID-19 pandemic. Based on the risk assessment that accompanies construction projects and the actions of the state to reduce pandemic disturbances, we can conclude that the short-term effects of state measures in construction industry have supported the implementation of construction projects. The first pandemic wave affected a change in the project management strategy aimed at adapting to the changed circumstances. However, the long-term economic consequences of the pandemic are still difficult to observe. Long-term pandemic effects emerge as a consequence of structural disorders, the so-called "multiplied" negative effects, which are the result of the connection between economic flows and activities. The more economic segments are affected, the more multipliers there will be; moreover, there are compensatory effects (e.g. the expansion of the pharmaceutical industry, production of computer equipment, etc.). The complex interaction of related economic activities determines the initial result of individual economic entities, which will affect the profitability of future construction projects. The biggest incentive for construction industry in our country is the introduction of the Central Register of Unified Procedures (CRUP). By using this system, complete documentation required for construction and use of facilities may be submitted and issued online in e-form.