Over 30 global construction, surveying and engineering bodies, including RICS, are joining forces in a bid to establish uniform international standards in construction measurement.
Over 30 global construction, surveying and engineering bodies, including RICS, are joining forces in a bid to establish uniform international standards in construction measurement.
The International Construction Measurement Standards (ICMS) Coalition was established in Washington DC last week by non-profit organisations representing industry professionals in more than 140 countries.
Collectively, the group will aim to create overarching international standards that will harmonise cost, classification and measurement definitions in order to enhance comparability, consistency and benchmarking of capital projects.
In an industry estimated to be worth $15 tln (€13.4 bn) by 2025 according to Global Construction Perspectives, inconsistency in construction measurement and reporting can create huge uncertainty, misunderstanding, and risk, RICS said.
The ICMS Coalition will continue to grow as further professional organisations join the global project. The coalition will be formally launched by early July 2015. Industry corporations, contractors, and key government stakeholders will also be encouraged to contribute to and lead adoption of the new international framework in their capital markets.
