This handy piece of code colors errors and warnings in make output.
(put it in your .bash_profile)

make()
{
  pathpat="(/[^/]*)+:[0-9]+”
  ccred=$(echo -e “\033[0;31m")
  ccyellow=$(echo -e "\033[0;33m")
  ccend=$(echo -e "\033[0m")
  /usr/bin/make "$@" 2>&1 | sed -E -e "/[Ee]rror[: ]/ s%$pathpat%$ccred&$ccend%g” -e “/[Ww]arning[: ]/ s%$pathpat%$ccyellow&$ccend%g”
  return ${PIPESTATUS[0]}
}

via shawnwilsher.com

An alternative would be to install colormake and use that instead of the normal make command.