15 MAY. 2019
Adopted by a global coalition of more than 40 professional organisations, the International Construction Measurement Standard (ICMS) is transforming the construction industry, enhancing the consistency and comparability in construction cost reporting and thus helping investors and construction managers to take the right decisions.
A growing number of clients and governments are already demanding cost estimates and financial reports that are in line with ICMS.
Across Europe, several firms and organisations are already using this international system, convinced of the benefits for both the competitiveness of the industry and the solutions they can bring to their clients. Some of them are working closely with RICS, one of the founding members of the Global ICMS coalition, to raise awareness and proactively share practical case studies in various markets.
This is the case of SOCOTEC, a leading player in testing, inspection and certification (TIC) operating in 25 countries and who adopted the global standard and currently runs, together with RICS, a series of events to introduce ICMS in France, convinced of the importance of this global standard for the innovation and competitiveness of the industry.
SOCOTEC, as a technical data producer and BIM model supplier, supports asset managers throughout the whole life cycle of a building. Integrating IPMS and ICMS as part of our consultancy mission is to give managers the keys to be able to compare the performance of their assets thanks to a standardised and international construction cost measurement method carried out by RICS professionals. Enhanced by the "BIM Model as Built” and “BIM Model in Use” certifications, the digital model secures your decision making.
Real Estate Development Consultant, Assistance, Patrimony & BIM Department at SOCOTEC
In Spain, CGATE (Consejo General de la Arquitectura Técnica de España) representing the Spanish Technical arquitects, is very conscious of how construction cost management is becoming global, coordinated the translation of these global standards to facilitate and encourage its use in Spain. This year CGATE in collaboration with RICS is hosting several roundtables in the Spanish market, such as the one organised early May in Barcelona.
The International Construction Measurement Standard is a very useful tool for the sector and for society as a whole, providing transparency and facilitating the decision-making process. Without a doubt, it facilitates the comparison of different projects with a European and international scope, but it also helps within the national market. We congratulate the ICMS Coalition, of which CGATE is a member, for this initiative and we invite all our members in Spain to adopt ICMS and implement it in their work dynamics.
Alfredo Sanz Corma
President of CGATE
Within the European Union, the construction sector plays a strategic role in the economy, representing almost 9% of the total EU GDP. That is why the European Commission considers ICMS as a great opportunity for both the competitiveness of the sector and the European economy.
"The European Commission is keen to see ICMS used by the industry to aid consistency and comparability in construction cost reporting. Fragmentation across markets and the inconsistency of how construction projects are costed and reported can lead to wrong decisions with serious implications for both, businesses and citizens, in particular, when it comes to big public infrastructure projects. Inaccurate cost reporting deters investments in construction and impacts our competitiveness," said Antonio Paparella, the European Commission, DG-GROW.
The first edition of ICMS provides an international standard for capital cost reporting. However, clients and governments are now incorporating capital and other life cycle costs into their project decisions. To meet this need, the second edition will incorporate life cycle costs including capital costs.
The single standard classifying costs across the whole project life cycle will enable professionals to make like-for-like comparisons across markets, regions, states and intra-organisationally, ultimately driving better cost projections and budget management.
Antonio Paparella, the European Commission, DG-GROW, explains:
“The publication of ICMS 2, to incorporate life cycle costs, aligns with work that we are already carrying out at EU level in this area. Enabling better cost data for whole life design and investment decisions is key to improving the construction procurement and asset management process. At the same time, expanding cost metrics to incorporate the social benefits of construction is one area where ICMS may naturally extend in the future and the European Commission would be interested in exploring this potential further."
The coalition is looking for qualitative feedback for this second edition of ICMS. Follow this page to participate in the upcoming consultation.