The new worldwide initiative, which represents a landmark moment for construction, was officially launched at the International Monetary Fund (IMF) in Washington D.C. in July. The coalition was established by a number of non-profit organisations representing professionals in more than 140 countries worldwide.

The initiative aims to harmonise standards in the built environment and create simple classification and measurement definitions, in order to enhance the consistency and comparability of capital projects. As an industry that is estimated to be worth a staggering $15 trillion by 2025, inconsistency has the potential to create a huge degree of uncertainty, misunderstanding and risk, further demonstrating the importance of synchronising standards.

It is expected that the ICMS coalition will continue to grow as additional organisations acting in the interest of professionals join the effort to align high-level measurement principles. Industry corporations, contractors and government stakeholders will be encouraged to adopt the new international framework and readily incorporate the standards into a number of capital projects.

Commenting on the coalition, Eddie Tuttle, senior policy and public affairs manager, said: “As a professional body, the CIOB is delighted to join the ICMS coalition and be at the forefront of devising and developing measurement standards in construction.

“Given the socio-economic importance of the industry, it is imperative to work towards internationally recognised standards and minimise the prevalence of risk. 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.”