What is the story about?
What's Happening?
The Royal Institution of Chartered Surveyors (RICS) has launched a six-week global consultation to develop new professional standards for the construction sector. This initiative aims to consolidate 32 previous guidance notes into a single professional standard that integrates global principles of quantity surveying and project management. The draft standard, authored by Matt Thompson with input from international RICS members and industry experts, will be accompanied by six Practice Information documents covering the full life cycle of construction projects. The consultation period runs from September 16 to October 24, with the final standard expected in early 2026.
Why It's Important?
The development of a unified global standard for construction practices is crucial for enhancing consistency and efficiency in the industry. By streamlining existing guidelines, RICS aims to facilitate quicker updates to professional practices and create a more coherent framework for construction professionals worldwide. This could lead to improved project management and cost estimation practices, benefiting stakeholders across the construction sector, including contractors, developers, and clients.
What's Next?
Following the consultation period, RICS will review the feedback and finalize the new professional standard, which is anticipated to be released in the first quarter of 2026. The implementation of this standard will likely require construction professionals to adapt their practices to align with the new guidelines. RICS members and industry stakeholders are encouraged to participate in the consultation to ensure the standard reflects diverse perspectives and needs.
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