diff --git a/src/TimeZones.jl b/src/TimeZones.jl
index c4d384c77..452c643d2 100644
--- a/src/TimeZones.jl
+++ b/src/TimeZones.jl
@@ -7,6 +7,8 @@ using RecipesBase: RecipesBase, @recipe
 using Unicode
 using InlineStrings: InlineString15
 
+using Base: @lock
+
 import Dates: TimeZone, UTC
 
 export TimeZone, @tz_str, istimezone, FixedTimeZone, VariableTimeZone, ZonedDateTime,
@@ -40,7 +42,7 @@ abstract type Local <: TimeZone end
 
 function __init__()
     # Initialize the thread-local TimeZone cache (issue #342)
-    _reset_tz_cache()
+    _init_tz_cache()
 
     # Base extension needs to happen everytime the module is loaded (issue #24)
     Dates.CONVERSION_SPECIFIERS['z'] = TimeZone
diff --git a/src/types/timezone.jl b/src/types/timezone.jl
index 8a381c137..f74099e65 100644
--- a/src/types/timezone.jl
+++ b/src/types/timezone.jl
@@ -4,6 +4,12 @@
 # to the cache, while still being thread-safe.
 const THREAD_TZ_CACHES = Vector{Dict{String,Tuple{TimeZone,Class}}}()
 
+# Holding a lock during construction of a specific TimeZone prevents multiple Tasks (on the
+# same or different threads) from attempting to construct the same TimeZone object, and
+# allows them all to share the result.
+const TZ_CACHE_MUTEX = ReentrantLock()
+const TZ_CACHE_FUTURES = Dict{String,Channel{Tuple{TimeZone,Class}}}()  # Guarded by: TZ_CACHE_MUTEX
+
 # Based upon the thread-safe Global RNG implementation in the Random stdlib:
 # https://github.com/JuliaLang/julia/blob/e4fcdf5b04fd9751ce48b0afc700330475b42443/stdlib/Random/src/RNGs.jl#L369-L385
 @inline _tz_cache() = _tz_cache(Threads.threadid())
@@ -19,10 +25,22 @@ const THREAD_TZ_CACHES = Vector{Dict{String,Tuple{TimeZone,Class}}}()
 end
 @noinline _tz_cache_length_assert() = @assert false "0 < tid <= length(THREAD_TZ_CACHES)"
 
-function _reset_tz_cache()
-    # ensures that we didn't save a bad object
+function _init_tz_cache()
     resize!(empty!(THREAD_TZ_CACHES), Threads.nthreads())
 end
+# ensures that we didn't save a bad object
+function _reset_tz_cache()
+    # Since we use thread-local caches, we spawn a task on _each thread_ to clear that
+    # thread's local cache.
+    Threads.@threads for i in 1:Threads.nthreads()
+        @assert Threads.threadid() === i "TimeZones.TZData.compile() must be called from the main, top-level Task."
+        empty!(_tz_cache())
+    end
+    @lock TZ_CACHE_MUTEX begin
+        empty!(TZ_CACHE_FUTURES)
+    end
+    return nothing
+end
 
 """
     TimeZone(str::AbstractString) -> TimeZone
@@ -68,20 +86,40 @@ function TimeZone(str::AbstractString, mask::Class=Class(:DEFAULT))
     # Note: If the class `mask` does not match the time zone we'll still load the
     # information into the cache to ensure the result is consistent.
     tz, class = get!(_tz_cache(), str) do
-        tz_path = joinpath(TZData.COMPILED_DIR, split(str, "/")...)
-
-        if isfile(tz_path)
-            open(deserialize, tz_path, "r")
-        elseif occursin(FIXED_TIME_ZONE_REGEX, str)
-            FixedTimeZone(str), Class(:FIXED)
-        elseif !isdir(TZData.COMPILED_DIR) || isempty(readdir(TZData.COMPILED_DIR))
-            # Note: Julia 1.0 supresses the build logs which can hide issues in time zone
-            # compliation which result in no tzdata time zones being available.
-            throw(ArgumentError(
-                "Unable to find time zone \"$str\". Try running `TimeZones.build()`."
-            ))
+        # Even though we're using Thread-local caches, we still need to lock during
+        # construction to prevent multiple tasks redundantly constructing the same object,
+        # and potential thread safety violations due to Tasks migrating threads.
+        # NOTE that we only grab the lock if the TZ doesn't exist, so the mutex contention
+        # is not on the critical path for most constructors. :)
+        constructing = false
+        # We lock the mutex, but for only a short, *constant time* duration, to grab the
+        # future for this TimeZone, or create the future if it doesn't exist.
+        future = @lock TZ_CACHE_MUTEX begin
+            get!(TZ_CACHE_FUTURES, str) do
+                constructing = true
+                Channel{Tuple{TimeZone,Class}}(1)
+            end
+        end
+        if constructing
+            tz_path = joinpath(TZData.COMPILED_DIR, split(str, "/")...)
+
+            t = if isfile(tz_path)
+                open(deserialize, tz_path, "r")
+            elseif occursin(FIXED_TIME_ZONE_REGEX, str)
+                FixedTimeZone(str), Class(:FIXED)
+            elseif !isdir(TZData.COMPILED_DIR) || isempty(readdir(TZData.COMPILED_DIR))
+                # Note: Julia 1.0 supresses the build logs which can hide issues in time zone
+                # compliation which result in no tzdata time zones being available.
+                throw(ArgumentError(
+                    "Unable to find time zone \"$str\". Try running `TimeZones.build()`."
+                ))
+            else
+                throw(ArgumentError("Unknown time zone \"$str\""))
+            end
+
+            put!(future, t)
         else
-            throw(ArgumentError("Unknown time zone \"$str\""))
+            fetch(future)
         end
     end
 
diff --git a/src/tzdata/TZData.jl b/src/tzdata/TZData.jl
index a5d9f23c8..b0057e460 100644
--- a/src/tzdata/TZData.jl
+++ b/src/tzdata/TZData.jl
@@ -2,7 +2,7 @@ module TZData
 
 using LazyArtifacts
 using Printf
-using ...TimeZones: DEPS_DIR
+using ...TimeZones: DEPS_DIR, _reset_tz_cache
 
 # Note: The tz database is made up of two parts: code and data. TimeZones.jl only requires
 # the "tzdata" archive or more specifically the "tz source" files within the archive
diff --git a/src/tzdata/compile.jl b/src/tzdata/compile.jl
index aa89401a5..a66dc7a38 100644
--- a/src/tzdata/compile.jl
+++ b/src/tzdata/compile.jl
@@ -2,7 +2,7 @@ using Dates
 using Serialization
 using Dates: parse_components
 
-using ...TimeZones: _tz_cache
+using ...TimeZones: _reset_tz_cache
 using ...TimeZones: TimeZones, TimeZone, FixedTimeZone, VariableTimeZone, Transition, Class
 using ...TimeZones: rename
 using ..TZData: TimeOffset, ZERO, MIN_GMT_OFFSET, MAX_GMT_OFFSET, MIN_SAVE, MAX_SAVE,
@@ -696,12 +696,7 @@ function compile(tz_source::TZSource, dest_dir::AbstractString; kwargs...)
     isdir(dest_dir) || error("Destination directory doesn't exist")
     # When we recompile the TimeZones from a new source, we clear all the existing cached
     # TimeZone objects, so that newly constructed objects pick up the newly compiled rules.
-    # Since we use thread-local caches, we spawn a task on _each thread_ to clear that
-    # thread's local cache.
-    Threads.@threads for i in 1:Threads.nthreads()
-        @assert Threads.threadid() === i "TimeZones.TZData.compile() must be called from the main, top-level Task."
-        empty!(_tz_cache())
-    end
+    _reset_tz_cache()
 
     for (tz, class) in results
         parts = split(TimeZones.name(tz), '/')