To address a growing concern about inconsistency in the market, a group of construction professionals came together and created a construction measurement standards document.
Since governments are not spending as much on construction projects and there is growing investment demand, this new approach can be taken to calculate costs for the world’s building and civil engineering projects, according to the Royal Institution of Chartered Surveyors, headquartered in the United Kingdom.
The ICMS (International Construction Measurement Standards) Coalition, a group of more than 40 professional bodies established in 2015, is calling for the market to support the collaboration and help introduce common standards at the heart of construction investment.
The group is heading up the creation of one set of international standards, a universal system for measuring the cost of construction projects, which will allow for proportionate comparisons between countries. The group is seeking input to help draft this landmark standard and establish an international best practice.
Currently, the standard covers capital costs only, with plans to introduce additional standards in the future. Currently the way construction project costs are measured varies across the globe, which hampers decision-making and creates obstacles to investing.
Overall, nearly $78 trillion is expected to be spent on infrastructure globally between 2014 and 2025. With a standard in place, spending will be tracked more accurately and construction forecasts will be on the pulse of the industry.