diff --git a/.gitignore b/.gitignore
index 1d4c1678..617421ac 100644
--- a/.gitignore
+++ b/.gitignore
@@ -33,3 +33,4 @@ docs/*.html
 i3-command-parser.stamp
 i3-config-parser.stamp
 .clang_complete
+LAST_VERSION
diff --git a/Makefile b/Makefile
index 1fed4df1..fd302101 100644
--- a/Makefile
+++ b/Makefile
@@ -22,6 +22,12 @@ include i3-dump-log/i3-dump-log.mk
 include docs/docs.mk
 include man/man.mk
 
+# Update $(TOPDIR)/LAST_VERSION if it differs from $I3_VERSION
+CACHED_VERSION := '$(shell [ -f $(TOPDIR)/LAST_VERSION ] && cat $(TOPDIR)/LAST_VERSION)'
+ifneq ($(CACHED_VERSION),$(I3_VERSION))
+$(shell echo -n ${I3_VERSION} > $(TOPDIR)/LAST_VERSION)
+endif
+
 real-all: $(ALL_TARGETS)
 
 install: $(INSTALL_TARGETS)
diff --git a/include/i3.h b/include/i3.h
index 5ca87541..70ebc000 100644
--- a/include/i3.h
+++ b/include/i3.h
@@ -24,6 +24,9 @@
 #include "data.h"
 #include "xcb.h"
 
+/** Git commit identifier, from version.c */
+extern const char *i3_version;
+
 /** The original value of RLIMIT_CORE when i3 was started. We need to restore
  * this before starting any other process, since we set RLIMIT_CORE to
  * RLIM_INFINITY for i3 debugging versions. */
diff --git a/src/config_parser.c b/src/config_parser.c
index eef03cae..f3254812 100644
--- a/src/config_parser.c
+++ b/src/config_parser.c
@@ -996,7 +996,7 @@ bool parse_file(const char *f, bool use_nagbar) {
     check_for_duplicate_bindings(context);
 
     if (use_nagbar && (context->has_errors || context->has_warnings)) {
-        ELOG("FYI: You are using i3 version " I3_VERSION "\n");
+        ELOG("FYI: You are using i3 version %s\n", i3_version);
         if (version == 3)
             ELOG("Please convert your configfile first, then fix any remaining errors (see above).\n");
 
diff --git a/src/i3.mk b/src/i3.mk
index 8c763464..cfa9fd16 100644
--- a/src/i3.mk
+++ b/src/i3.mk
@@ -32,6 +32,10 @@ include/all.h.pch: $(i3_HEADERS)
 	echo "[i3] PCH all.h"
 	$(CC) $(I3_CPPFLAGS) $(XCB_CPPFLAGS) $(CPPFLAGS) $(i3_CFLAGS) $(I3_CFLAGS) $(CFLAGS) -x c-header include/all.h -o include/all.h.pch
 
+src/version.o: src/version.c LAST_VERSION $(i3_HEADERS_DEP)
+	echo "[i3] CC $<"
+	$(CC) $(I3_CPPFLAGS) $(XCB_CPPFLAGS) $(CPPFLAGS) $(i3_CFLAGS) $(I3_CFLAGS) $(CFLAGS) $(PCH_FLAGS) -c -o $@ ${canonical_path}/$<
+
 src/%.o: src/%.c $(i3_HEADERS_DEP)
 	echo "[i3] CC $<"
 	$(CC) $(I3_CPPFLAGS) $(XCB_CPPFLAGS) $(CPPFLAGS) $(i3_CFLAGS) $(I3_CFLAGS) $(CFLAGS) $(PCH_FLAGS) -c -o $@ ${canonical_path}/$<
@@ -92,4 +96,4 @@ install-i3: i3
 
 clean-i3:
 	echo "[i3] Clean"
-	rm -f $(i3_OBJECTS) $(i3_SOURCES_GENERATED) $(i3_HEADERS_CMDPARSER) include/loglevels.h loglevels.tmp include/all.h.pch i3-command-parser.stamp i3-config-parser.stamp i3 test.config_parser test.commands_parser src/*.gcno src/cfgparse.* src/cmdparse.*
+	rm -f $(i3_OBJECTS) $(i3_SOURCES_GENERATED) $(i3_HEADERS_CMDPARSER) include/loglevels.h loglevels.tmp include/all.h.pch i3-command-parser.stamp i3-config-parser.stamp i3 test.config_parser test.commands_parser src/*.gcno src/cfgparse.* src/cmdparse.* LAST_VERSION
diff --git a/src/ipc.c b/src/ipc.c
index 8fed75f1..f8138f0a 100644
--- a/src/ipc.c
+++ b/src/ipc.c
@@ -791,7 +791,7 @@ IPC_HANDLER(get_version) {
     y(integer, PATCH_VERSION);
 
     ystr("human_readable");
-    ystr(I3_VERSION);
+    ystr(i3_version);
 
     y(map_close);
 
diff --git a/src/main.c b/src/main.c
index 8b514178..ac40e7a3 100644
--- a/src/main.c
+++ b/src/main.c
@@ -188,7 +188,7 @@ static void handle_signal(int sig, siginfo_t *info, void *data) {
 int main(int argc, char *argv[]) {
     /* Keep a symbol pointing to the I3_VERSION string constant so that we have
      * it in gdb backtraces. */
-    const char *i3_version __attribute__((unused)) = I3_VERSION;
+    const char *_i3_version __attribute__((unused)) = i3_version;
     char *override_configpath = NULL;
     bool autostart = true;
     char *layout_path = NULL;
@@ -261,11 +261,11 @@ int main(int argc, char *argv[]) {
                 only_check_config = true;
                 break;
             case 'v':
-                printf("i3 version " I3_VERSION " © 2009-2014 Michael Stapelberg and contributors\n");
+                printf("i3 version %s © 2009-2014 Michael Stapelberg and contributors\n", i3_version);
                 exit(EXIT_SUCCESS);
                 break;
             case 'm':
-                printf("Binary i3 version:  " I3_VERSION " © 2009-2014 Michael Stapelberg and contributors\n");
+                printf("Binary i3 version:  %s © 2009-2014 Michael Stapelberg and contributors\n", i3_version);
                 display_running_version();
                 exit(EXIT_SUCCESS);
                 break;
@@ -456,7 +456,7 @@ int main(int argc, char *argv[]) {
         free(cwd);
     }
 
-    LOG("i3 " I3_VERSION " starting\n");
+    LOG("i3 %s starting\n", i3_version);
 
     conn = xcb_connect(NULL, &conn_screen);
     if (xcb_connection_has_error(conn))
diff --git a/src/version.c b/src/version.c
new file mode 100644
index 00000000..d7d31b36
--- /dev/null
+++ b/src/version.c
@@ -0,0 +1,11 @@
+/*
+ * vim:ts=4:sw=4:expandtab
+ *
+ * i3 - an improved dynamic tiling window manager
+ * © 2009-2015 Michael Stapelberg and contributors (see also: LICENSE)
+ *
+ * Stores the latest Git commit identifier so that it can be linked into i3
+ * and used dynamically without recompiling every object file.
+ *
+ */
+const char *i3_version = I3_VERSION;