ICMS launches global public consultation system

The ICMS Coalition is leading the creation of a universal system for measuring the cost of construction projects

This photo is for representational porposes only.
This photo is for representational porposes only.

The ICMS Coalition is leading the creation of a universal system for measuring the cost of construction projects, allowing comparisons to be made on a like-for-like basis between countries.

Close to $78tn is expected to be spent on infrastructure globally between 2014 and 2025. With this, the way construction project costs are measured varies enormously, hampering decision making and creating barriers to investment.

As a result, this draft international standard presents huge opportunities for the global cost management profession, says Robert Jackson, RICS Regional Director.

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.”

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.

 

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020