Launch of public consultation for ICMS, which seeks to improve consistency and reduce risk in the global construction industry
Monday 21 November 2016. 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 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.
| All stakeholders in the construction and infrastructure sectors can comment on the draft standard by visiting: www.icms-coalition.org/consultation |
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.”
Chair of the SCSI QS Professional Group, Michéal Mahon, said that “The Society of Chartered Surveyors Ireland welcomes the launch today of the ICMS. The accurate comparison of construction cost data across various jurisdictions has been problematic over the years due to the differing manners in which construction cost data is reported. However, ICMS will bring clarity to the measurement and interpretation of construction costs across the world”.
In an Irish context, the ICMS will have particular relevance in the short term for both the public and private sectors. In the public sector, the Government for example has commenced a cost comparison study on the delivery of housing across European states and the ICMS shall help to ensure that the cost data collated will be on a “like for like” basis both for the initial study and then on a “rolling basis” thereafter.
Similarly in the private sector, the ICMS will facilitate for example companies considering investing in Ireland comparing construction costs on a consistent basis with costs in other jurisdictions. Michéal concluded by saying that “given the importance of Foreign Direct Investment into our country we are of the view that the adoption of the ICMS will facilitate the State Agencies promoting Ireland as a location for investment. We are proud to have participated and contributed strongly to this initiative and urge all industry stakeholders to adopt the ICMS”.
Notes to editors:
For more information, please contact Edward Mc Auley at the Society of Chartered Surveyors Ireland (emcauley@scsi.ie or 01 6445500):
- 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
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
ENDS