RICS launch the New International Construction Measurement Standards (ICMS)

The RICS have launched the New International Construction Measurement Standards (ICMS) which will revolutionise global industry by improving cost prediction in infrastructure projects.

The new standard harmonises cost, classification and benchmarking definitions to enhance comparability and consistency of capital projects. A report by McKinsey Global Institute, ‘Reinventing Construction: A route to higher productivity’ (Feb 2017), finds that the International Construction Measurement Standard ‘will help clarify the costs of projects.