23rd November 2016 - FOR IMMEDIATE RELEASE
Global construction industry unites to enhance consistency
Launch of public consultation for ICMS, which seeks to improve consistency and reduce risk in the global construction industry
Against a backdrop of growing investment demand, construction industry leaders have joined together to establish a uniform approach to calculate costs for the world’s building and civil engineering projects.
Today, 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.
AIQS chief executive officer Grant Warner said “This draft international standard presents huge opportunities for the global cost management profession. As a contributing organisation, the AIQS has worked hard to get the new standard to this point and we now need to hear from Cost Consultants, Quantity Surveyors and Civil Engineers around the world; to ensure we can enhance transparency, invest confidence and public trust in the construction sector.”
“We are seeking input from professionals and all stakeholders in the built environment to help draft this landmark standard and establish international best practice.” Said Ken Creighton, Chair of the ICMS Coalition.
Reply and have your say
All stakeholders in the construction and infrastructure sectors can comment on the draft. Reply with your comments by emailing: email@example.com