• Launch of public consultation for ICMS

    25 November 2016

    Global construction industry unites to enhance consistency Launch of public consultation for ICMS, seeks to improve consistency and reduce risk in the global construction industry

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    (Hong Kong, 21 November 2016) Against a backdrop of tightening public purse strings and growing investment demand, 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, according to RICS (Royal Institution of Chartered Surveyors).

    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.

    Overall, close to $78 trillion is expected to be spent on infrastructure globally between 2014 and 2025.* While construction is a global industry, the way construction project costs are measured varies enormously, hampering decision making and creating barriers to investment.

    To tackle this problem, the ICMS Coalition is leading the creation of a universal system for measuring the cost of construction projects which will allow comparisons to be made on a like-for-like basis between countries.
    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.”

    All stakeholders in the construction and infrastructure sectors can comment on the draft standard by visiting: www.icms-coalition.org/consultation

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