Despite rapid globalization with investment funds flowing across borders and money pouring into constructed assets the construction profession currently lacks a common language and framework for classifying and reporting construction costs.
This can cause huge problems for cost consultants, quantity surveyors, construction economists and cost engineers around the world.
In response the International Construction Measurement Standards (ICMS) are published this week. The ICMS introduces a standard structure and format that will lead to greater consistency in classifying and reporting of capital costs for construction projects globally.
ICMS benefits all stakeholders in buildings and civil engineering construction by creating a common language for construction investment while enabling benchmarking.
How the new ICMS works
ICMS is a new international standard which aims to provide greater global consistency in classifying, defining, measuring, analysing and presenting construction costs at a project, regional, state, national or international level. ICMS is not for measuring construction works but a high level benchmarking and reporting framework for international cost classification, reporting and comparison.
The benefits of ICMS
- construction costs can be consistently and transparently benchmarked
- causes of differences in costs between projects identified
- more informed decision-making about design and location of construction projects
- confident use of data for construction financing, investment and decision-making
- standardised, BIM-friendly classifications for cost data collection to inform subsequent cost prediction
ICMS Coalition members
The ICMS Coalition is a growing group of over 40 professional and not-for-profit organisations responsible for researching, developing, publicising and implementing the International Construction Measurement Standards for the construction sector.
The group was established in June 2015 after a meeting at the International Monetary Fund in the US and ICE is a member.
Coalition organisations have each signed a declaration of support and commitment to promote and implement ICMS and encourage world markets to accept and adopt it.
Who can join the ICMS Coalition?
Any professional or not-for-profit organisation which has a role in developing cost measurement standards within the construction industry is welcome to participate in the coalition. See the full list of ICMS Coalition members.
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