The International Construction Measurement Standards Coalition (ICMSC) is a growing group of more than 40 professional and not-for-profit organisations from around the world, working together to develop and implement international standards for benchmarking, measuring and reporting construction project cost.
At present, the way construction projects are reported and costed varies significantly from one market to the next. These differences make it difficult to compare projects around the world, increasing investment risk and impeding transparency.
Many of the organisations that today set standards and guidelines on how construction projects are measured came together at the International Monetary Fund (IMF) in Washington D.C. in 2015 to launch the ICMS Coalition.
The Coalition has developed and implement a common standard for construction measurement which enhances transparency, investor confidence and public trust in the sector.
Consultation: ICMS 2nd Edition
Responding to industry feedback, the ICMS Coalition is updating the standard to incorporate life-cycle costs enabling practitioners to classify construction costs across the whole project life cycle.