HONG KONG--(BUSINESS WIRE)--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|
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