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Professor Malcolm Horner CEng FICE talks about a new universal system that enables global comparison of construction project costs. Until now it has been almost impossible for governments and investors to compare construction costs across different countries making it hard to demonstrate return on public investment in infrastructure projects such as Crossrail or HS2. This inconsistency in information causes poor cost prediction and cost overruns in 9 out of 10 projects.
The new International Construction Measurement Standards (ICMS) will revolutionise global industry by improving cost prediction in infrastructure projects. ICMS will provide a single international methodology for cost reporting, boost the potential of BIM and big data, make it easier to put a reliable price tag on projects across the world and help unlock billions of dollars of international investment.
$78 trillion dollars needs to be spent on infrastructure between 2014 and 2025. Professional collaboration is needed to standardise cost definitions and classification and the ICMS coalition has risen to World Economic Forum's call and seen the need to de-risk these projects for public and private sector investors.
Arup, Arcadis, Gardiner and Theobold, Faithful+Gould, Turner Townsend and Gleeds are among leading organisations who are supporting this new initiative by registering as partners.