Performance measurement system (PMS) is a fast evolving and diverse research field attracting many researchers and practitioners from the fields of strategy, accounting, operations, human resource, and marketing. The characteristics of the construction industry that influence the research and directions adopted in practice significantly contribute to certain weaknesses in application, such as limited focus on business performance measurement, insufficient organisational learning, and difficulty in linking the project PMS with the firm. The aim of this paper is to briefly review the literature of PMS (specifically at the corporate level) for addressing the knowledge gap and presenting a research agenda in the context of construction. The main findings from this review are: (1) the evolution of PMS in construction management literature is much slow; (2) further research should focus on the design and implementation related issues of PMS in construction; and (3) benchmarking is an integral part of PMS but it is insufficient for 'continuous improvement'. Finally, a research agenda is presented.