The architecture, engineering and construction (AEC) industry is knowledge intensive field. Significant heterogeneity of the forms of knowledge mobilized in the construction industry prevented adoption of IT based knowledge management in the field. Recently, a large international initiative is launched to provide extensive IT support that will enable model-based interoperability among all professions in the AEC industry. Resulting standards coupled with Semantic Web technologies have potential to serve as the foundation for the knowledge management in the AEC field. The paper gives an overview of the both technologies and depicts ways in which they can provide knowledge management support for the AEC industry