Why does Xcode keep recompiling my untouched project?

Question

I have an Xcode 4 workspace with several projects. Everything builds perfectly and works as expected, only Xcode recompiles files too often. If I hit the Build button, wait for

Answer 1

Shot in the dark, but do you have external xcode projects linked? XCode may be recompiling because it doesn't know the state of those projects.

Either way, you can always Run Without Building ^⌘R (control + command + r)