RICS Americas in Collaboration with Leading US Engineering and Construction Groups

Royal Institution of Chartered Surveyors to collaborate with leading US engineering and construction groups.

New York, 10 December,2008: Royal Institution of Chartered Surveyors (RICS) is to sign a Memorandum of Understanding with leading US engineering and construction bodies. The group, comprising the American Society of Cost Engineers International (AACEi), the American Society of Professional Estimators (ASPE), the United States Army Corps of Engineers, the United States General Services Administration and the National Institute of Building Sciences (NIBS), will collaborate together to increase the value that can be derived from Building Information Modeling.

The agreement follows long, on-going discussions across the construction, engineering and estimating industries to utilize modern design and building use tools and develop a whole life costing methodology, to improve the accuracy of initial and whole life cost estimates and, subsequently, increase asset value.

The group will initially review ways in which construction, engineering and estimating professionals can work together to influence future building information modeling software; with the long term goal of developing best practice cost estimating and more open bidding standards. The review will be conducted through the building SMART alliance, a council of NIBS.

“The need for robust cost control and more standardized processes is clear. By working with the major stakeholders involved in the project life cycle of a building, not only will more accurate cost estimates become the norm rather than the exception; the costing process as a result will be more ethical and transparent, ultimately leading to lower costs and public expense. RICS is delighted to be part of this innovative construction initiative and looks forward to working with US government agencies and the other organizations to ensure that the public voice is heard” said Simon Taylor FRICS, RICS Americas Construction Management and Project Controls Council Chairman.

Matt Bruck, RICS Americas Managing Director said “RICS takes an active role around the world in advising government and the public on ethics, safety, standards, best practices and market forces. Here in the United States, we are eagerly expanding our interaction with the broad community of professionals who define the property industries. We are always ready to collaborate with individuals and associations that share our public interest mandate and our commitment to standards”.

About RICS & RICS Americas
RICS (Royal Institution of Chartered Surveyors), with headquarters in London, is the largest organization for credentialed professionals in property, land, construction and related environmental issues worldwide. We promote best practice, regulation and consumer protection to business and the public. Over 140,000 members in more than 146 countries operate across 17 disciplines, from development, brokerage and construction to environmental issues, valuation and fine arts appraisal. RICS is the preeminent source of real estate-related knowledge, providing independent, impartial advice to governments and global organizations. www.rics.org. The RICS credentials – MRICS and FRICS – are granted to practitioners who demonstrate professional competence and the highest standards of business practice and ethics through stringent evaluation procedures. RICS Americas, based in New York and covering North, Central and South America and the Caribbean, has over 3,000 members in commercial and residential development, construction management, brokerage, planning and finance. For further information visit www.ricsamericas.org or e-mail RICS Americas at ricsamericas@rics.org.