Launch of public consultation for ICMS which will improve confidence and save money.


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. 


Today, 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 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 

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.”

Alec Ray, Chair of the IET/ACostE Project Controls Network commented: "This draft international standard present’s huge opportunities for the global Project Controls built environment profession.  The current lack of consistency in construction leads to misunderstanding and uncertainty which inhibits sound investment decisions. We’ve worked hard to get the new standard to this point and we now need to hear the views of Project Controls built environment professionals, from around the world".


For more information, please contact Alec Ray direct.


•    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 Europeen 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

The Institution of Engineering and Technology, Project Controls Network – 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