This application relates to a light-weight, multi-purpose construction panel. The panel may be formed, for example, from molded plastic. Each panel includes a substantially planar deck on a first side thereof and a second side comprising alternating male and female sleeves arranged in honeycomb-like compartments defined by a plurality of wall elements. A pair of panels may be releasably coupled together with their respective second sides facing inwardly to form a construction assembly. When a pair of panels is coupled together, the male sleeves of one panel matingly fit within the females sleeves of the other panel, and vice versa. The panel assemblies may be used for many different construction applications including flooring, roofing and wall structures.