Launch of a new global standard for costing infrastructure projects

The International Construction Measurement Standards Coalition (ICMSC), a growing group of more than 40 professional and not-for-profit organizations from around the world, has released its first standard designed to harmonize cost, classification and benchmarking definitions to enhance comparability and consistency of capital projects across the globe.

The launch of the ICMSC Standard “Global Consistency in Presenting Construction Costs” marks the culmination of two years’ collaboration between the Coalition and 27 experts on the Standards Setting Committee.

Arup, Arcadis, Gardiner and Theobold, Faithful+Gould, Turner & Townsend and Gleeds are among leading organizations publically announcing their support for ICMS by registering as ICMS “Partners” committing to its future use.

The ICMS was formed during a meeting at the International Monetary Fund in June 2015. The group is working together to develop and implement international standards for benchmarking, measuring and reporting construction project cost in order to improve investor confidence and attract more private sector funding for infrastructure projects.

Among the coalition organizations listed online are the Canadian Association of Consulting Quantity Surveyors, and the Canadian Institute of Quantity Surveyors.

Craig Bye of the Canadian Institute of Quantity Surveyors sits as General Secretary on the Board of Trustees, and Bruce van Ryn-Bocking of the Canadian Association of Consulting Quantity Surveyors sits on the Board.

The Standards Setting Committee, which is comprised of 27 independent experts from 17 different countries, includes Mark Gardin, PQS(F), MRICS of QSolv Inc. in Halifax, and Roy Howes, of Fluor Canada in Vancouver.

Below is a 1-hour-40-minute video introducing the ICMSC and the goals of its standard initiative.