Currently, there are no regulations governing global construction standards. However, as the construction market becomes an increasingly global affair, the potential benefits make it a prospect worth considering.
It Would Make It Easier to Compare Prices
Currently, it’s very difficult to compare the cost of building a commercial property in two locations. You can contact TPM Builders for Brisbane construction, and its professionals will offer
fixed tender pricing that clearly states inclusions. However, while this fixed price is clear, commercial investors may still not understand whether New York City construction is a better value. While the exchange rate would factor in, so would its inclusions. Does the cost of the New York City property include or exclude space associated with car parks, balconies, or other add-ons? What about finance costs or amounts paid for professional fees?
Global standards surrounding quote inclusions and exclusions will make it easier for property developers working internationally to compare costs in different markets. This could encourage foreign investment in nations offering competitive rates. The standards would also make it easier for the construction industry to compare its cost performance to counterparts abroad.
It Could Help Construction Professionals Seize International Opportunities
Most construction workers work in the country where they were trained. They know the local industry best, and pursuing international opportunities would come with a steep learning curve. But with global standards, the transition to another construction market would be much easier. Global standards could help construction workers expand their horizons, learn new techniques abroad, and find work if their home industry slumps.
Could Global Standards Become a Reality?
Recently, 30 professional associations representing members from around 140 countries came together to
form the International Construction Measurement Standards Coalition. This group is working to create a multinational framework to make costs, classifications, and measurement definitions consistent from country to country. While the group’s work is in the early stages, it could result in the global standards its members believe the international construction industry needs.
With a host of potential benefits, it makes sense to consider implementing global construction measurement standards.
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