The construction process of residential buildings comprises multiple phases of varying complexity that may last from several months to a few years, depending on the building size and the adopted design. In some cases, the process may be delayed by unforeseen events such as the insolvency of the contractor. Moreover, if an earthquake occurs during building, it is necessary to perform a cost-benefit analysis between repairing the existing structure and demolishing it and starting all over. This paper presents a vulnerability assessment of a reinforced concrete residential building during its construction process. The process is schematically divided into four main phases. Each phase is described through a finite element model that is used for non-linear dynamic analyses. Outputs of these analyses are represented through fragility curves for predefined damage states, as a function of different engineering-demand parameters. By associating the expected damage to the possible monetary losses, it is possible to represent the loss variation for the four construction phases and for increasing earthquake intensity. The results may be of interest for contractors and insurance companies to preventively assess the risk related to the building construction.