diff --git a/CMakeLists.txt b/CMakeLists.txt
index c71f314..3c96404 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -1,6 +1,6 @@
 # Copyright 2018 Mike Dev
 # Copyright 2019 Peter Dimov
-# Copyright 2020-2021 Andrey Semashev
+# Copyright 2020-2022 Andrey Semashev
 # Distributed under the Boost Software License, Version 1.0.
 # See accompanying file LICENSE_1_0.txt or copy at https://www.boost.org/LICENSE_1_0.txt
 
@@ -12,28 +12,13 @@ include(CheckCXXSourceCompiles)
 set(THREADS_PREFER_PTHREAD_FLAG ON)
 find_package(Threads REQUIRED)
 
-# Generates a list of include paths for all Boost libraries in \a result variable. Uses unified Boost include tree, if available.
-function(generate_boost_include_paths result)
-    if (IS_DIRECTORY "${CMAKE_CURRENT_SOURCE_DIR}/../../boost" AND EXISTS "${CMAKE_CURRENT_SOURCE_DIR}/../../boost/version.hpp")
-        set(${result} "${CMAKE_CURRENT_SOURCE_DIR}/../.." PARENT_SCOPE)
-        return()
-    endif()
-    file(GLOB path_list LIST_DIRECTORIES True "${CMAKE_CURRENT_SOURCE_DIR}/../*")
-    foreach(path IN LISTS path_list)
-        if (IS_DIRECTORY "${path}/include")
-            list(APPEND include_list "${path}/include")
-        endif()
-    endforeach()
-    set(${result} ${include_list} PARENT_SCOPE)
-endfunction()
-
 # Note: We can't use the Boost::library targets in the configure checks as they may not yet be included
 # by the superproject when this CMakeLists.txt is included. We also don't want to hardcode include paths
 # of the needed libraries and their dependencies, recursively, as this is too fragile and requires maintenance.
 # Instead, we collect include paths of all libraries and use them in the configure checks. This works faster
 # if there is a unified Boost include tree in the filesystem (i.e. if `b2 headers` was run or we're in the
 # official monolithic Boost distribution tree).
-generate_boost_include_paths(BOOST_LIBRARY_INCLUDES)
+include(cmake/BoostLibraryIncludes.cmake)
 
 set(boost_atomic_sources src/lock_pool.cpp)
 
diff --git a/cmake/BoostLibraryIncludes.cmake b/cmake/BoostLibraryIncludes.cmake
new file mode 100644
index 0000000..b875bbd
--- /dev/null
+++ b/cmake/BoostLibraryIncludes.cmake
@@ -0,0 +1,37 @@
+# Copyright 2022 Andrey Semashev
+#
+# Distributed under the Boost Software License, Version 1.0.
+# See accompanying file LICENSE_1_0.txt or copy at http://www.boost.org/LICENSE_1_0.txt
+#
+# After including this module, BOOST_LIBRARY_INCLUDES variable is set to the list of include
+# directories for all Boost libraries. If the monolithic include directory is found, it is
+# used instead.
+
+if (NOT CMAKE_VERSION VERSION_LESS 3.10)
+    include_guard()
+endif()
+
+# Generates a list of include paths for all Boost libraries in \a result variable. Uses unified Boost include tree, if available.
+function(generate_boost_include_paths result)
+    if (IS_DIRECTORY "${CMAKE_CURRENT_LIST_DIR}/../../../boost" AND EXISTS "${CMAKE_CURRENT_LIST_DIR}/../../../boost/version.hpp")
+        get_filename_component(include_dir "${CMAKE_CURRENT_LIST_DIR}/../../.." ABSOLUTE)
+        set(${result} "${include_dir}" PARENT_SCOPE)
+        return()
+    endif()
+    file(GLOB path_list LIST_DIRECTORIES True "${CMAKE_CURRENT_LIST_DIR}/../../../libs/*")
+    foreach(path IN LISTS path_list)
+        if (IS_DIRECTORY "${path}/include")
+            get_filename_component(include_dir "${path}/include" ABSOLUTE)
+            list(APPEND include_list "${include_dir}")
+        endif()
+    endforeach()
+    set(${result} ${include_list} PARENT_SCOPE)
+endfunction()
+
+if (NOT DEFINED BOOST_LIBRARY_INCLUDES)
+    generate_boost_include_paths(__BOOST_LIBRARY_INCLUDES)
+    # Save the paths in a global property to avoid scanning the filesystem if this module is used in multiple libraries
+    set(BOOST_LIBRARY_INCLUDES ${__BOOST_LIBRARY_INCLUDES} CACHE INTERNAL "List of all Boost library include paths")
+    unset(__BOOST_LIBRARY_INCLUDES)
+    # message(STATUS "Boost library includes: ${BOOST_LIBRARY_INCLUDES}")
+endif()