As the world’s leaders tightening their public spending and the demand of investment grows, the construction industry is finding out more and more the need for global consistency. Hence the reason construction industry leaders have joined together to set out a radical new approach to calculate costs for the world’s building and civil engineering projects, The International Construction Measurement Standards (ICMS) Coalition, a group of over 40 professional bodies established at the IMF in Washington D.C. in 2015, is calling for professionals to support the collaboration and help embed common standards at the heart of construction investment. The construction industry is worth an incredible amount of money, between the years 2014 and 2025; experts estimate about $78 trillion will be spent on infrastructure. It’s quite incredible that such a valuable industry can differ so much when it comes to thing such as costing and measuring the projects, which makes decision making harder for potential investors.
The new standards will enable projects throughout the world to be measured and valued in the same ways, which will enable investors to compare projects in countries from all over the world in a far simpler and fairer manner. Ken Creighton, Chair of the ICMS Coalition, said: “Today is an important day for the global construction market because we are one step closer to achieving consistency across the industry. We are seeking input from professionals and all stakeholders in the built environment to help draft this landmark standard and establish international best practice.” Mr Clement Lau FRICS, Chair of RICS Hong Kong Board commented: “The draft international standards mark a huge achievement for the global cost management profession. The current lack of consistency in costing construction projects leads to misunderstanding and uncertainty, which inhibits sounds investment decisions. We have worked hard to come up with the new standards, and would like to obtain the feedback from cost consultants, quantity surveyors and civil engineers around the world.”