The feasibility of activating innovative activity of construction enterprises in Ukraine is substantiated and ways to increase its efficiency in the context of sustainable development are suggested in the article. It has been proved that the innovation activity of the construction industry enterprises is a synergy of economic growth goals with social and environmental aspects. It is found that a significant part of construction innovations, aimed at technological and organizational modernization, not only contributes to the growth of the developer's competitiveness, but also contributes to the increase of labor productivity and the increase in the level of income of employees. It is emphasized that in the conditions of sustainable development, realization of the main goal – profit and achievement of competitive advantages – are related, first of all, with the introduction of innovative developments at the design stage, which allow to reduce the duration of construction, rational use of resources and optimize technological processes, thus, providing energy efficiency, environmental friendliness and safe operation of buildings. It is substantiated that the main directions in providing innovative activity of construction enterprises in the context of sustainable development are technological, organizational, economic and social directions. The technological direction involves an increase in the share of innovative technologies for high-quality construction and installation work, which requires updating of the construction’s technical base. The organizational aspect is associated with the search for new ways and forms of cooperation in the implementation of large-scale business projects, the introduction of new approaches to management and diversification. The economic direction of ensuring sustainable development is related to the investment of innovative projects and the search for sources of capital formation. And the social orientation of the construction enterprises innovative activity in terms of their sustainable development is manifested in the accumulation and preservation of intellectual potential of production, which requires investment in staff development.