The goal of the research presented here was to apply AHP for the optimization of the process in choosing the best contractor for construction projects, who would also satisfy both the technical and economic selection criteria. In the given research, AHP was combined with statistical means for valuation and comparison of contractors according to the three main criteria: financial capacity, experience in project implementation, and technical capability. Data from experts related to the field of construction were collected and analyzed by SPSS and Expert Choice software in order to calculate the weights of each criterion for consistency in the evaluation. The selected Contractor C was the optimal balance among the financial, technical, and experiential factors, with a benefit-cost ratio of 1.35, better than that of other contractors such as Contractor A, who rated 1.29, and Contractor B, who rated 1.06. The pairwise comparison matrices have less than 10% consistency ratio each and thus justify a good level of reliability in assessments. It follows from these results that AHP applied to selecting a contractor allows one to present an objective, scientifically sound decision with minimal bias because of subjective factors. Thus, AHP is an effective and reliable tool in supporting investors and the project management team in making decisions in complex and large-scale projects, especially construction projects.