diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 56dae8189ad..59f2c12af22 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.7.0a1
+current_version = 1.7.0b1
 parse = (?P<major>[\d]+) # major version number
 	\.(?P<minor>[\d]+) # minor version number
 	\.(?P<patch>[\d]+) # patch version number
diff --git a/.changes/1.7.0-b1.md b/.changes/1.7.0-b1.md
new file mode 100644
index 00000000000..ac3d21a0b73
--- /dev/null
+++ b/.changes/1.7.0-b1.md
@@ -0,0 +1,70 @@
+## dbt-core 1.7.0-b1 - August 17, 2023
+
+### Breaking Changes
+
+- Removed the FirstRunResultError and AfterFirstRunResultError event types, using the existing RunResultError in their place. ([#7963](https://github.com/dbt-labs/dbt-core/issues/7963))
+
+### Features
+
+- Enable re-population of metadata vars post-environment change during programmatic invocation ([#8010](https://github.com/dbt-labs/dbt-core/issues/8010))
+- Added support to configure a delimiter for a seed file, defaults to comma ([#3990](https://github.com/dbt-labs/dbt-core/issues/3990))
+- Allow specification of `create_metric: true` on measures ([#8125](https://github.com/dbt-labs/dbt-core/issues/8125))
+
+### Fixes
+
+- Copy dir during `dbt deps` if symlink fails ([#7428](https://github.com/dbt-labs/dbt-core/issues/7428), [#8223](https://github.com/dbt-labs/dbt-core/issues/8223))
+- Fixed double-underline ([#5301](https://github.com/dbt-labs/dbt-core/issues/5301))
+- Copy target_schema from config into snapshot node ([#6745](https://github.com/dbt-labs/dbt-core/issues/6745))
+- Enable converting deprecation warnings to errors ([#8130](https://github.com/dbt-labs/dbt-core/issues/8130))
+- Add status to Parse Inline Error ([#8173](https://github.com/dbt-labs/dbt-core/issues/8173))
+- Ensure `warn_error_options` get serialized in `invocation_args_dict` ([#7694](https://github.com/dbt-labs/dbt-core/issues/7694))
+- Stop detecting materialization macros based on macro name ([#6231](https://github.com/dbt-labs/dbt-core/issues/6231))
+- Update `dbt deps` download retry logic to handle `EOFError` exceptions ([#6653](https://github.com/dbt-labs/dbt-core/issues/6653))
+- Improve handling of CTE injection with ephemeral models ([#8213](https://github.com/dbt-labs/dbt-core/issues/8213))
+- Fix unbound local variable error in `checked_agg_time_dimension_for_measure` ([#8230](https://github.com/dbt-labs/dbt-core/issues/8230))
+- Ensure runtime errors are raised for graph runnable tasks (compile, show, run, etc) ([#8166](https://github.com/dbt-labs/dbt-core/issues/8166))
+- Fix retry not working with log-file-max-bytes ([#8297](https://github.com/dbt-labs/dbt-core/issues/8297))
+- Detect changes to model access, version, or latest_version in state:modified ([#8189](https://github.com/dbt-labs/dbt-core/issues/8189))
+- Add connection status into list of statuses for dbt debug ([#8350](https://github.com/dbt-labs/dbt-core/issues/8350))
+- fix fqn-selection for external versioned models ([#8374](https://github.com/dbt-labs/dbt-core/issues/8374))
+- Fix: DbtInternalError after model that previously ref'd external model is deleted ([#8375](https://github.com/dbt-labs/dbt-core/issues/8375))
+- Fix using list command with path selector and project-dir ([#8385](https://github.com/dbt-labs/dbt-core/issues/8385))
+- Remedy performance regression by only writing run_results.json once. ([#8360](https://github.com/dbt-labs/dbt-core/issues/8360))
+
+### Docs
+
+- Corrected spelling of "Partiton" ([dbt-docs/#8100](https://github.com/dbt-labs/dbt-docs/issues/8100))
+- Remove static SQL codeblock for metrics ([dbt-docs/#436](https://github.com/dbt-labs/dbt-docs/issues/436))
+- fixed comment util.py ([dbt-docs/#None](https://github.com/dbt-labs/dbt-docs/issues/None))
+- Display contract and column constraints on the model page ([dbt-docs/#433](https://github.com/dbt-labs/dbt-docs/issues/433))
+- Display semantic model details in docs ([dbt-docs/#431](https://github.com/dbt-labs/dbt-docs/issues/431))
+
+### Under the Hood
+
+- Refactor flaky test pp_versioned_models ([#7781](https://github.com/dbt-labs/dbt-core/issues/7781))
+- format exception from dbtPlugin.initialize ([#8152](https://github.com/dbt-labs/dbt-core/issues/8152))
+- A way to control maxBytes for a single dbt.log file ([#8199](https://github.com/dbt-labs/dbt-core/issues/8199))
+- Ref expressions with version can now be processed by the latest version of the high-performance dbt-extractor library. ([#7688](https://github.com/dbt-labs/dbt-core/issues/7688))
+- Bump manifest schema version to v11, freeze manifest v10 ([#8333](https://github.com/dbt-labs/dbt-core/issues/8333))
+- add tracking for plugin.get_nodes calls ([#8344](https://github.com/dbt-labs/dbt-core/issues/8344))
+- add internal flag: --no-partial-parse-file-diff to inform whether to compute a file diff during partial parsing ([#8363](https://github.com/dbt-labs/dbt-core/issues/8363))
+- Add return values to a number of functions for mypy ([#8389](https://github.com/dbt-labs/dbt-core/issues/8389))
+- Fix mypy warnings for ManifestLoader.load() ([#8401](https://github.com/dbt-labs/dbt-core/issues/8401))
+- Use python version 3.10.7 in Docker image. ([#8444](https://github.com/dbt-labs/dbt-core/issues/8444))
+
+### Dependencies
+
+- Bump mypy from 1.3.0 to 1.4.0 ([#7912](https://github.com/dbt-labs/dbt-core/pull/7912))
+- Bump mypy from 1.4.0 to 1.4.1 ([#8219](https://github.com/dbt-labs/dbt-core/pull/8219))
+- Update pin for click<9 ([#8232](https://github.com/dbt-labs/dbt-core/pull/8232))
+- Add upper bound to sqlparse pin of <0.5 ([#8236](https://github.com/dbt-labs/dbt-core/pull/8236))
+- Support dbt-semantic-interfaces 0.2.0 ([#8250](https://github.com/dbt-labs/dbt-core/pull/8250))
+
+### Contributors
+- [@anjutiwari](https://github.com/anjutiwari) ([#7428](https://github.com/dbt-labs/dbt-core/issues/7428), [#8223](https://github.com/dbt-labs/dbt-core/issues/8223))
+- [@d-kaneshiro](https://github.com/d-kaneshiro) ([#None](https://github.com/dbt-labs/dbt-core/issues/None))
+- [@gem7318](https://github.com/gem7318) ([#8010](https://github.com/dbt-labs/dbt-core/issues/8010))
+- [@lllong33](https://github.com/lllong33) ([#5301](https://github.com/dbt-labs/dbt-core/issues/5301))
+- [@marcodamore](https://github.com/marcodamore) ([#436](https://github.com/dbt-labs/dbt-core/issues/436))
+- [@pgoslatara](https://github.com/pgoslatara) ([#8100](https://github.com/dbt-labs/dbt-core/issues/8100))
+- [@ramonvermeulen](https://github.com/ramonvermeulen) ([#3990](https://github.com/dbt-labs/dbt-core/issues/3990))
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diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5331600fca4..9c41f184684 100755
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,78 @@
 - "Breaking changes" listed under a version may require action from end users or external maintainers when upgrading to that version.
 - Do not edit this file directly. This file is auto-generated using [changie](https://github.com/miniscruff/changie). For details on how to document a change, see [the contributing guide](https://github.com/dbt-labs/dbt-core/blob/main/CONTRIBUTING.md#adding-changelog-entry)
 
+## dbt-core 1.7.0-b1 - August 17, 2023
+
+### Breaking Changes
+
+- Removed the FirstRunResultError and AfterFirstRunResultError event types, using the existing RunResultError in their place. ([#7963](https://github.com/dbt-labs/dbt-core/issues/7963))
+
+### Features
+
+- Enable re-population of metadata vars post-environment change during programmatic invocation ([#8010](https://github.com/dbt-labs/dbt-core/issues/8010))
+- Added support to configure a delimiter for a seed file, defaults to comma ([#3990](https://github.com/dbt-labs/dbt-core/issues/3990))
+- Allow specification of `create_metric: true` on measures ([#8125](https://github.com/dbt-labs/dbt-core/issues/8125))
+
+### Fixes
+
+- Copy dir during `dbt deps` if symlink fails ([#7428](https://github.com/dbt-labs/dbt-core/issues/7428), [#8223](https://github.com/dbt-labs/dbt-core/issues/8223))
+- Fixed double-underline ([#5301](https://github.com/dbt-labs/dbt-core/issues/5301))
+- Copy target_schema from config into snapshot node ([#6745](https://github.com/dbt-labs/dbt-core/issues/6745))
+- Enable converting deprecation warnings to errors ([#8130](https://github.com/dbt-labs/dbt-core/issues/8130))
+- Add status to Parse Inline Error ([#8173](https://github.com/dbt-labs/dbt-core/issues/8173))
+- Ensure `warn_error_options` get serialized in `invocation_args_dict` ([#7694](https://github.com/dbt-labs/dbt-core/issues/7694))
+- Stop detecting materialization macros based on macro name ([#6231](https://github.com/dbt-labs/dbt-core/issues/6231))
+- Update `dbt deps` download retry logic to handle `EOFError` exceptions ([#6653](https://github.com/dbt-labs/dbt-core/issues/6653))
+- Improve handling of CTE injection with ephemeral models ([#8213](https://github.com/dbt-labs/dbt-core/issues/8213))
+- Fix unbound local variable error in `checked_agg_time_dimension_for_measure` ([#8230](https://github.com/dbt-labs/dbt-core/issues/8230))
+- Ensure runtime errors are raised for graph runnable tasks (compile, show, run, etc) ([#8166](https://github.com/dbt-labs/dbt-core/issues/8166))
+- Fix retry not working with log-file-max-bytes ([#8297](https://github.com/dbt-labs/dbt-core/issues/8297))
+- Detect changes to model access, version, or latest_version in state:modified ([#8189](https://github.com/dbt-labs/dbt-core/issues/8189))
+- Add connection status into list of statuses for dbt debug ([#8350](https://github.com/dbt-labs/dbt-core/issues/8350))
+- fix fqn-selection for external versioned models ([#8374](https://github.com/dbt-labs/dbt-core/issues/8374))
+- Fix: DbtInternalError after model that previously ref'd external model is deleted ([#8375](https://github.com/dbt-labs/dbt-core/issues/8375))
+- Fix using list command with path selector and project-dir ([#8385](https://github.com/dbt-labs/dbt-core/issues/8385))
+- Remedy performance regression by only writing run_results.json once. ([#8360](https://github.com/dbt-labs/dbt-core/issues/8360))
+
+### Docs
+
+- Corrected spelling of "Partiton" ([dbt-docs/#8100](https://github.com/dbt-labs/dbt-docs/issues/8100))
+- Remove static SQL codeblock for metrics ([dbt-docs/#436](https://github.com/dbt-labs/dbt-docs/issues/436))
+- fixed comment util.py ([dbt-docs/#None](https://github.com/dbt-labs/dbt-docs/issues/None))
+- Display contract and column constraints on the model page ([dbt-docs/#433](https://github.com/dbt-labs/dbt-docs/issues/433))
+- Display semantic model details in docs ([dbt-docs/#431](https://github.com/dbt-labs/dbt-docs/issues/431))
+
+### Under the Hood
+
+- Refactor flaky test pp_versioned_models ([#7781](https://github.com/dbt-labs/dbt-core/issues/7781))
+- format exception from dbtPlugin.initialize ([#8152](https://github.com/dbt-labs/dbt-core/issues/8152))
+- A way to control maxBytes for a single dbt.log file ([#8199](https://github.com/dbt-labs/dbt-core/issues/8199))
+- Ref expressions with version can now be processed by the latest version of the high-performance dbt-extractor library. ([#7688](https://github.com/dbt-labs/dbt-core/issues/7688))
+- Bump manifest schema version to v11, freeze manifest v10 ([#8333](https://github.com/dbt-labs/dbt-core/issues/8333))
+- add tracking for plugin.get_nodes calls ([#8344](https://github.com/dbt-labs/dbt-core/issues/8344))
+- add internal flag: --no-partial-parse-file-diff to inform whether to compute a file diff during partial parsing ([#8363](https://github.com/dbt-labs/dbt-core/issues/8363))
+- Add return values to a number of functions for mypy ([#8389](https://github.com/dbt-labs/dbt-core/issues/8389))
+- Fix mypy warnings for ManifestLoader.load() ([#8401](https://github.com/dbt-labs/dbt-core/issues/8401))
+- Use python version 3.10.7 in Docker image. ([#8444](https://github.com/dbt-labs/dbt-core/issues/8444))
+
+### Dependencies
+
+- Bump mypy from 1.3.0 to 1.4.0 ([#7912](https://github.com/dbt-labs/dbt-core/pull/7912))
+- Bump mypy from 1.4.0 to 1.4.1 ([#8219](https://github.com/dbt-labs/dbt-core/pull/8219))
+- Update pin for click<9 ([#8232](https://github.com/dbt-labs/dbt-core/pull/8232))
+- Add upper bound to sqlparse pin of <0.5 ([#8236](https://github.com/dbt-labs/dbt-core/pull/8236))
+- Support dbt-semantic-interfaces 0.2.0 ([#8250](https://github.com/dbt-labs/dbt-core/pull/8250))
+
+### Contributors
+- [@anjutiwari](https://github.com/anjutiwari) ([#7428](https://github.com/dbt-labs/dbt-core/issues/7428), [#8223](https://github.com/dbt-labs/dbt-core/issues/8223))
+- [@d-kaneshiro](https://github.com/d-kaneshiro) ([#None](https://github.com/dbt-labs/dbt-core/issues/None))
+- [@gem7318](https://github.com/gem7318) ([#8010](https://github.com/dbt-labs/dbt-core/issues/8010))
+- [@lllong33](https://github.com/lllong33) ([#5301](https://github.com/dbt-labs/dbt-core/issues/5301))
+- [@marcodamore](https://github.com/marcodamore) ([#436](https://github.com/dbt-labs/dbt-core/issues/436))
+- [@pgoslatara](https://github.com/pgoslatara) ([#8100](https://github.com/dbt-labs/dbt-core/issues/8100))
+- [@ramonvermeulen](https://github.com/ramonvermeulen) ([#3990](https://github.com/dbt-labs/dbt-core/issues/3990))
+
+
 ## Previous Releases
 
 For information on prior major and minor releases, see their changelogs:
diff --git a/core/dbt/version.py b/core/dbt/version.py
index cfbe01f65fd..123eb052f98 100644
--- a/core/dbt/version.py
+++ b/core/dbt/version.py
@@ -232,5 +232,5 @@ def _get_adapter_plugin_names() -> Iterator[str]:
             yield plugin_name
 
 
-__version__ = "1.7.0a1"
+__version__ = "1.7.0b1"
 installed = get_installed_version()
diff --git a/core/setup.py b/core/setup.py
index e198bc0aed2..82908bf6096 100644
--- a/core/setup.py
+++ b/core/setup.py
@@ -25,7 +25,7 @@
 
 
 package_name = "dbt-core"
-package_version = "1.7.0a1"
+package_version = "1.7.0b1"
 description = """With dbt, data analysts and engineers can build analytics \
 the way engineers build applications."""
 
diff --git a/docker/Dockerfile b/docker/Dockerfile
index 7d93592fc2e..ee910e45f18 100644
--- a/docker/Dockerfile
+++ b/docker/Dockerfile
@@ -16,12 +16,12 @@ FROM --platform=$build_for python:3.10.7-slim-bullseye as base
 # N.B. The refs updated automagically every release via bumpversion
 # N.B. dbt-postgres is currently found in the core codebase so a value of dbt-core@<some_version> is correct
 
-ARG dbt_core_ref=dbt-core@v1.7.0a1
-ARG dbt_postgres_ref=dbt-core@v1.7.0a1
-ARG dbt_redshift_ref=dbt-redshift@v1.7.0a1
-ARG dbt_bigquery_ref=dbt-bigquery@v1.7.0a1
-ARG dbt_snowflake_ref=dbt-snowflake@v1.7.0a1
-ARG dbt_spark_ref=dbt-spark@v1.7.0a1
+ARG dbt_core_ref=dbt-core@v1.7.0b1
+ARG dbt_postgres_ref=dbt-core@v1.7.0b1
+ARG dbt_redshift_ref=dbt-redshift@v1.7.0b1
+ARG dbt_bigquery_ref=dbt-bigquery@v1.7.0b1
+ARG dbt_snowflake_ref=dbt-snowflake@v1.7.0b1
+ARG dbt_spark_ref=dbt-spark@v1.7.0b1
 # special case args
 ARG dbt_spark_version=all
 ARG dbt_third_party
diff --git a/plugins/postgres/dbt/adapters/postgres/__version__.py b/plugins/postgres/dbt/adapters/postgres/__version__.py
index 874bd74c8ac..48607b01fe8 100644
--- a/plugins/postgres/dbt/adapters/postgres/__version__.py
+++ b/plugins/postgres/dbt/adapters/postgres/__version__.py
@@ -1 +1 @@
-version = "1.7.0a1"
+version = "1.7.0b1"
diff --git a/plugins/postgres/setup.py b/plugins/postgres/setup.py
index 30936ab3941..1f7923bd108 100644
--- a/plugins/postgres/setup.py
+++ b/plugins/postgres/setup.py
@@ -41,7 +41,7 @@ def _dbt_psycopg2_name():
 
 
 package_name = "dbt-postgres"
-package_version = "1.7.0a1"
+package_version = "1.7.0b1"
 description = """The postgres adapter plugin for dbt (data build tool)"""
 
 this_directory = os.path.abspath(os.path.dirname(__file__))
diff --git a/tests/adapter/dbt/tests/adapter/__version__.py b/tests/adapter/dbt/tests/adapter/__version__.py
index 874bd74c8ac..48607b01fe8 100644
--- a/tests/adapter/dbt/tests/adapter/__version__.py
+++ b/tests/adapter/dbt/tests/adapter/__version__.py
@@ -1 +1 @@
-version = "1.7.0a1"
+version = "1.7.0b1"
diff --git a/tests/adapter/setup.py b/tests/adapter/setup.py
index 9f700e6531d..c9e749cbdbf 100644
--- a/tests/adapter/setup.py
+++ b/tests/adapter/setup.py
@@ -20,7 +20,7 @@
 
 
 package_name = "dbt-tests-adapter"
-package_version = "1.7.0a1"
+package_version = "1.7.0b1"
 description = """The dbt adapter tests for adapter plugins"""
 
 this_directory = os.path.abspath(os.path.dirname(__file__))