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.
On Monday 21 November 2016, 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.
Tim Broyd, President of ICE said the following about international draft standard and the huge opportunities for the global cost management profession: "This draft international standard presents huge opportunities for the global cost management profession. The current lack of consistency in construction leads to misunderstanding and uncertainty which inhibits sounds investment decisions. We've 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."
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 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 measuring the cost of construction projects which will allow comparisons to be made on a like-for-like basis between countries.
All stakeholders in the construction and infrastructure sectors can comment on the draft standard by visiting: www.icms-coalition.org/consultation.