One aspect of project management that requires attention is value creation and inherent challenges in the construction industry. The purpose of the research is to ascertain the factors affecting value creation and to understand how project actors in the Malawian construction industry create value. The qualitative inquiry strategy employed in this study was phenomenology. The purposive sampling method establishes an avenue for interviewing construction project actors who could share their perceptions on the phenomenon. Twentynine (29) interviews were conducted in Malawi. The face-to-face meetings involve public sector clients, consultants, contractors, and suppliers who conceptually create value in Malawian construction. The research reveals that the use of different construction standards and specifications, high frequency of non-value adding activities during project implementation, inadequate infrastructure facilities and non-conducive economic environment constrain value creation in Malawian construction. The creation of value in Malawian construction has to tackle these constraints to ensure success in project delivery.