I have made the same experience. The project is a (static) library. Along with the library, I have a project with a small testing program which tests new changes made in the library. If the library changes, the test program must be rebuilt, remaking the test program results in "nothing to do". I am using SVN builds of Code Blocks (Debian, Gnome).
Well, does not matter too much, the testing program is small, rebuilding is as quick as remaking, but ...