In a competitive industry, effective performance management is an essential element of business success. However, despite their importance, performance management systems have not yet been widely implemented in construction companies. That said, many construction companies have become increasingly aware of the need to more systematically identify, implement, and sustain performance improvements in recent years. The objective of this paper is to develop benchmarking based performance management for construction contractors. This paper investigates examples of PMSs in the U.K., U.S., Brazil, and Chile and discusses the lessons learned. Then, to overcome the limitations of existing PMSs, a new performance measurement framework, in the form of a ‘Construction’ BSC, is presented. And a learning process using knowledge push is proposed. Finally, this paper develops a PMS for benchmarking in construction companies and recommends further areas of study for this research topic.