diff --git a/setup.py b/setup.py
index 1c4ccc76..d871ac6c 100644
--- a/setup.py
+++ b/setup.py
@@ -151,6 +151,14 @@ class psycopg_build_ext(build_ext):
         return get_pg_config(kind, self.pg_config)
 
     def build_extension(self, ext):
+        force_mt = False
+        ext_path = self.get_ext_fullpath(ext.name)
+        depends = list(ext.sources) + ext.depends
+
+        # Needs to be checked before build_extension
+        if self.force or newer_group(depends, ext_path, 'newer'):
+            force_mt = True
+
         build_ext.build_extension(self, ext)
 
         # For MSVC compiler and Python 2.6/2.7 (aka VS 2008), re-insert the
@@ -160,14 +168,10 @@ class psycopg_build_ext(build_ext):
                 sysVer in ((2,6), (2,7)):
             sources = list(ext.sources)
 
-            ext_path = self.get_ext_fullpath(ext.name)
-            depends = sources + ext.depends
-            if not (self.force or newer_group(depends, ext_path, 'newer')):
-                return
-
-            self.compiler.spawn(['mt.exe', '-nologo', '-manifest',
-                os.path.join('psycopg', '_psycopg.vc9.manifest'),
-                '-outputresource:%s;2' % (os.path.join(self.build_lib, 'psycopg2', '_psycopg.pyd'))])
+	    if force_mt:
+                self.compiler.spawn(['mt.exe', '-nologo', '-manifest',
+                    os.path.join('psycopg', '_psycopg.vc9.manifest'),
+                    '-outputresource:%s;2' % (os.path.join(self.build_lib, 'psycopg2', '_psycopg.pyd'))])
 
     def finalize_win32(self):
         """Finalize build system configuration on win32 platform."""