More than 30 professional bodies from around the world have clubbed together to try and standardise the cost of building.
Given the socio-economic importance of the industry, it is imperative to work towards internationally recognised standards and minimise the prevalence of risk– Eddie Tuttle, CIOB
If successful, the attempt could mean that investors would have greater certainty about the cost of a unit of housing or classroom space in different parts of the world.
The International Construction Measurement Standards (ICMS) coalition was officially launched (pictured) at the International Monetary Fund (IMF) in Washington DC last month.
Yesterday the Chartered Institute of Building (CIOB) announced that it had joined the coalition representing professionals in more than 140 countries worldwide.
"Given the socio-economic importance of the industry, it is imperative to work towards internationally recognised standards and minimise the prevalence of risk," said Eddie Tuttle, the CIOB’s senior policy and public affairs manager.Â
"This coalition represents a fantastic vehicle for change, and we look forward to working with our partners to develop internationally agreed standards in the near future."
The initiative aims to harmonise cost, classification and measurement definitions to build greater consistency and comparability of capital projects.
The work to draft and consult on the new international standard will be delegated to an independent committee of experts.
More professional bodies, plus companies and government agencies have been encouraged to adopt the new international framework.
As well as the CIOB, bodies from Asia, China, Africa, Europe and the Americas Organisations have signed up to the ICMS Coalition. They include:
- Royal Institution of Chartered Surveyors (RICS)
- Association for the Advancement of Cost Engineering (AACE)
- Association of Cost Engineers (ACostE)
- Association of South African Quantity Surveyors (ASAQS)
- China Engineering Cost Association (CECA)
- The European Council of Construction Economists -Conseil Europeen des Economists de la Construction (CEEC)
- Canadian Institute of Quantity Surveyors (CIQS)
- Federation Internationale des Geometres (FIG)
- Ghana Institute of Surveyors (GhIS)
- African Association of Quantity Surveyors (AAQS)
- International Cost Engineering Council (ICEC)
- Institute of Engineering and Technology (IET)
- Nigerian Institute of Quantity Surveyors (NIQS)
- Pacific Association of Quantity Surveyors (PAQS)
- Philippine Institute of Certified Quantity Surveyors (PICQS)
- Society of Chartered Surveyors Ireland (SCSI)
- Union Nationale des Economistes de la Construction (UNTEC)
Interested parties seeking more information can access an online discussion board here.