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rics2016

Global Construction Industry Unites to Enhance Consistency

Launch of public consultation for ICMS, seeks to improve consistency and reduce risk in the global construction industry

2016-11-22 18:51
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HONG KONG--()--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, according to RICS (Royal Institution of Chartered Surveyors).

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.

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.”

Mr Clement Lau FRICS, Chair of RICS Hong Kong Board commented: “The draft international standards mark a huge achievement for the global cost management profession. The current lack of consistency in costing construction projects leads to misunderstanding and uncertainty, which inhibits sounds investment decisions. We have worked hard to come up with the new standards, and would like to obtain the feedback from cost consultants, quantity surveyors and civil engineers around the world.”

All stakeholders in the construction and infrastructure sectors can comment on the draft standard by visiting: www.icms-coalition.org/consultation

Notes to editors:

  • The ICMS Coalition is a rapidly growing partnership of leading organisations from around the world, committed to producing and supporting consistent shared standards for construction costs.
  • Starting with meetings at the International Monetary Fund in June 2015, the Coalition created an independent standards setting committee and committed to the vision of one set of international standards. The organisations that have already signed the declaration to become joint members of the ICMS Coalition are:
 
Africa Association of Quantity Surveyors – AAQS
Association for the Advancement of Cost Engineering – AACE
Association of Cost Engineers – ACOSTE
Association of South African Quantity Surveyors – ASAQS
Australian Institute of Quantity Surveyors – AIQS
Building Surveyors Institute of Japan – BSIJ
Canadian Association of Consulting Quantity Surveyors – CACQS
Canadian Institute of Quantity Surveyors – CIQS
Chartered Institute of Building – CIOB
Chemical Engr. & Construction Company Limited, Lagos – SMIEC
China Engineering Cost Association – CECA
Commonwealth Association of Surveying and Land Economy – CASLE
Conseil European des Economists de la Construction – CEEC
Consejo General de la Arquitectura Técnica de España – CGATE
Dutch Association of Quantity Surveyors – NVBK
European Federation of Engineering Consultancy Associations – EFCA
Federation Internationale des Geometres – FIG
Ghana Institution of Surveyors – GhIS
Ikatan Quantity Surveyors Indonesia – IQSI
Indian Institute of Quantity Surveyors – IIQS
Institute of Engineering and Technology – IET
Institution of Civil Engineers – ICE
Institution of Surveyors Kenya – ISK
International Cost Engineering Council – ICEC
Korean institution of quantity surveyors (KIQS)
Nigerian Institute of Quantity Surveyors – NIQS
Pacific Association of Quantity Surveyors – PAQS
Philippine Institute of Certified Quantity Surveyors – PICQS
Property Institute New Zealand (PINZ)
The Real Estate Institute of Botswana (REIB)
Royal Institute of British Architects – RIBA
Royal Institution of Chartered Surveyors – RICS
Royal Institution of Surveyors Malaysia – RISM
Singapore Institute of Building Limited – SIBL
Singapore Institute of Surveyors and Valuers – SISV
Sociedad Mexicana de Ingeniería Económica, Financiera y de Costos – SMIEFC
Society of Chartered Surveyors Ireland – SCSI
The Hong Kong Institute of Surveyors – HKIS
The Italian Association for Total Cost Management – AICE
The Brazilian Institute of Cost Engineers – IBEC
The Chartered Institution of Civil Engineering Surveyors – ICES
The Institute of Quantity Surveyors of Kenya – IQSK
The New Zealand Institute of Quantity Surveyors – NZIQS
Union Nationale des Economistes de la Construction – UNTEC
 

*Oxford Economics / PwC:
http://www.pwc.com/gx/en/industries/capital-projects-infrastructure/publications/cpi-spending-outlook.html

About RICS

Confidence through Professional Standards

RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve.

We accredit 125,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our members are involved the same professional standards and ethics apply.

We believe that standards underpin effective markets. With up to seventy per cent of the world’s wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe.

With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.

We are proud of our reputation and work hard to protect it, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.

Contacts

RICS East Asia Public Relations Representatives
Ms Esther Kam, 3159 2978
esther.kam@creativegp.com
or
Ms Penn Leung, 3159 2986
penn.leung@creativegp.com