Hi AartiG,
Sorry for the belated response...
Yes, I am using parallel builds.
The thing is, some of my colleagues are still using CCS 3.3 to work on legacy projects of more less the same size, and although CCS 5.5 by far outperforms CCS 3.3 in terms of overall build time from scratch (a clean build), CCS 5.5 is actually slower for incremental builds. This makes development quite a pain since I have to wait a couple of minutes to build the project, even-though I only changed a single line of code in one of the files in the main project. Fortunately it is not as bad for the static libraries, which are dependent projects.
I have tried command line building, but its a bit inconvenient for debugging compiler issues.
Is there anything else I can try?