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.
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, launching a public consultation for ICMS, which seeks to improve consistency and reduce risk in the global construction industry.
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.”