diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 73661a3283b..fa49edec7b7 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.7.0b2
+current_version = 1.7.0rc1
 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-rc1.md b/.changes/1.7.0-rc1.md
new file mode 100644
index 00000000000..44c8200282a
--- /dev/null
+++ b/.changes/1.7.0-rc1.md
@@ -0,0 +1,78 @@
+## dbt-core 1.7.0-rc1 - October 12, 2023
+
+### Features
+
+- add log file of installed packages via dbt deps ([#6643](https://github.com/dbt-labs/dbt-core/issues/6643))
+- Add --no-inject-ephemeral-ctes flag for `compile` command, for usage by linting. ([#8480](https://github.com/dbt-labs/dbt-core/issues/8480))
+- Accept a `dbt-cloud` config in dbt_project.yml ([#8438](https://github.com/dbt-labs/dbt-core/issues/8438))
+- Support atomic replace in the global replace macro ([#8539](https://github.com/dbt-labs/dbt-core/issues/8539))
+- Use translate_type on data_type in model.columns in templates by default, remove no op `TYPE_LABELS` ([#8007](https://github.com/dbt-labs/dbt-core/issues/8007))
+- Add an option to generate static documentation ([#8614](https://github.com/dbt-labs/dbt-core/issues/8614))
+- Allow setting "access" as a config in addition to as a property ([#8383](https://github.com/dbt-labs/dbt-core/issues/8383))
+- Loosen typing requirement on renameable/replaceable relations to Iterable to allow adapters more flexibility in registering relation types, include docstrings as suggestions ([#8647](https://github.com/dbt-labs/dbt-core/issues/8647))
+- Add support for optional label in semantic_models, measures, dimensions and entities. ([#8595](https://github.com/dbt-labs/dbt-core/issues/8595), [#8755](https://github.com/dbt-labs/dbt-core/issues/8755))
+- Allow adapters to include package logs in dbt standard logging  ([#7859](https://github.com/dbt-labs/dbt-core/issues/7859))
+- Support storing test failures as views ([#6914](https://github.com/dbt-labs/dbt-core/issues/6914))
+- resolve packages with same git repo and unique subdirectory ([#5374](https://github.com/dbt-labs/dbt-core/issues/5374))
+- Add new ResourceReport event to record memory/cpu/io metrics ([#8342](https://github.com/dbt-labs/dbt-core/issues/8342))
+- Adding `date_spine` macro (and supporting macros) from dbt-utils to dbt-core ([#8172](https://github.com/dbt-labs/dbt-core/issues/8172))
+- Support `fill_nulls_with` and `join_to_timespine` for metric nodes ([#8593](https://github.com/dbt-labs/dbt-core/issues/8593), [#8755](https://github.com/dbt-labs/dbt-core/issues/8755))
+- Raise a warning when a contracted model has a numeric field without scale defined ([#8183](https://github.com/dbt-labs/dbt-core/issues/8183))
+- Added support for retrieving partial catalog information from a schema ([#8521](https://github.com/dbt-labs/dbt-core/issues/8521))
+- Add meta attribute to SemanticModels config ([#8511](https://github.com/dbt-labs/dbt-core/issues/8511))
+- Selectors with docs generate limits catalog generation ([#6014](https://github.com/dbt-labs/dbt-core/issues/6014))
+- Allow freshness to be determined via DBMS metadata for supported adapters ([#8704](https://github.com/dbt-labs/dbt-core/issues/8704))
+- Add support semantic layer SavedQuery node type ([#8594](https://github.com/dbt-labs/dbt-core/issues/8594))
+
+### Fixes
+
+- If --profile specified with dbt-init, create the project with the specified profile ([#6154](https://github.com/dbt-labs/dbt-core/issues/6154))
+- Add explicit support for integers for the show command ([#8153](https://github.com/dbt-labs/dbt-core/issues/8153))
+- Parse the correct schema version from manifest ([#8544](https://github.com/dbt-labs/dbt-core/issues/8544))
+- make version comparison insensitive to order ([#8571](https://github.com/dbt-labs/dbt-core/issues/8571))
+- Update metric helper functions to work with new semantic layer metrics ([#8134](https://github.com/dbt-labs/dbt-core/issues/8134))
+- Disallow cleaning paths outside current working directory ([#8318](https://github.com/dbt-labs/dbt-core/issues/8318))
+- Warn when --state == --target ([#8160](https://github.com/dbt-labs/dbt-core/issues/8160))
+- update dbt show to include limit in DWH query  ([#8496,](https://github.com/dbt-labs/dbt-core/issues/8496,), [#8417](https://github.com/dbt-labs/dbt-core/issues/8417))
+- Support quoted parameter list for MultiOption CLI options. ([#8598](https://github.com/dbt-labs/dbt-core/issues/8598))
+- Support global flags passed in after subcommands ([#6497](https://github.com/dbt-labs/dbt-core/issues/6497))
+- Lower bound of `8.0.2` for `click` ([#8683](https://github.com/dbt-labs/dbt-core/issues/8683))
+- Fixes test type edges filter ([#8692](https://github.com/dbt-labs/dbt-core/issues/8692))
+- semantic models in graph selection ([#8589](https://github.com/dbt-labs/dbt-core/issues/8589))
+- Support doc blocks in nested semantic model YAML ([#8509](https://github.com/dbt-labs/dbt-core/issues/8509))
+- avoid double-rendering sql_header in dbt show ([#8739](https://github.com/dbt-labs/dbt-core/issues/8739))
+- Fix tag selection for projects with semantic models ([#8749](https://github.com/dbt-labs/dbt-core/issues/8749))
+- Foreign key constraint on incremental model results in Database Error ([#8022](https://github.com/dbt-labs/dbt-core/issues/8022))
+- Support docs blocks on versioned model column descriptions ([#8540](https://github.com/dbt-labs/dbt-core/issues/8540))
+- Enable seeds to be handled from stored manifest data ([#6875](https://github.com/dbt-labs/dbt-core/issues/6875))
+- Override path-like args in dbt retry ([#8682](https://github.com/dbt-labs/dbt-core/issues/8682))
+- Group updates on unmodified nodes are handled gracefully for state:modified ([#8371](https://github.com/dbt-labs/dbt-core/issues/8371))
+- Partial parsing fix for adding groups and updating models at the same time ([#8697](https://github.com/dbt-labs/dbt-core/issues/8697))
+
+### Under the Hood
+
+- Added more type annotations. ([#8537](https://github.com/dbt-labs/dbt-core/issues/8537))
+- Audit potential circular dependencies ([#8349](https://github.com/dbt-labs/dbt-core/issues/8349))
+- Add functional test for advanced ref override ([#8566](https://github.com/dbt-labs/dbt-core/issues/8566))
+- Add typing to __init__ in base.py ([#8398](https://github.com/dbt-labs/dbt-core/issues/8398))
+- Fix untyped functions in task/runnable.py (mypy warning) ([#8402](https://github.com/dbt-labs/dbt-core/issues/8402))
+- add a test for ephemeral cte injection ([#8225](https://github.com/dbt-labs/dbt-core/issues/8225))
+- Fix test_numeric_values to look for more specific strings ([#8470](https://github.com/dbt-labs/dbt-core/issues/8470))
+- Pin types-requests<2.31.0 in `dev-requirements.txt` ([#8789](https://github.com/dbt-labs/dbt-core/issues/8789))
+- Add warning_tag to UnversionedBreakingChange ([#8827](https://github.com/dbt-labs/dbt-core/issues/8827))
+- Update v10 manifest schema to match 1.6 for testing schema compatibility ([#8835](https://github.com/dbt-labs/dbt-core/issues/8835))
+
+### Dependencies
+
+- Bump docker/build-push-action from 4 to 5 ([#8783](https://github.com/dbt-labs/dbt-core/pull/8783))
+- Upgrade dbt-semantic-interfaces dep to 0.3.0 ([#8819](https://github.com/dbt-labs/dbt-core/pull/8819))
+
+### Contributors
+- [@benmosher](https://github.com/benmosher) ([#8480](https://github.com/dbt-labs/dbt-core/issues/8480))
+- [@dave-connors-3](https://github.com/dave-connors-3) ([#8153](https://github.com/dbt-labs/dbt-core/issues/8153), [#8589](https://github.com/dbt-labs/dbt-core/issues/8589))
+- [@dylan-murray](https://github.com/dylan-murray) ([#8683](https://github.com/dbt-labs/dbt-core/issues/8683))
+- [@ezraerb](https://github.com/ezraerb) ([#6154](https://github.com/dbt-labs/dbt-core/issues/6154))
+- [@jusbaldw](https://github.com/jusbaldw) ([#6643](https://github.com/dbt-labs/dbt-core/issues/6643))
+- [@mescanne](https://github.com/mescanne) ([#8614](https://github.com/dbt-labs/dbt-core/issues/8614))
+- [@philippeboyd](https://github.com/philippeboyd) ([#5374](https://github.com/dbt-labs/dbt-core/issues/5374))
+- [@renanleme](https://github.com/renanleme) ([#8692](https://github.com/dbt-labs/dbt-core/issues/8692))
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diff --git a/.changes/unreleased/Under the Hood-20230912-230619.yaml b/.changes/1.7.0/Under the Hood-20230912-230619.yaml
similarity index 100%
rename from .changes/unreleased/Under the Hood-20230912-230619.yaml
rename to .changes/1.7.0/Under the Hood-20230912-230619.yaml
diff --git a/.changes/unreleased/Under the Hood-20230913-141651.yaml b/.changes/1.7.0/Under the Hood-20230913-141651.yaml
similarity index 100%
rename from .changes/unreleased/Under the Hood-20230913-141651.yaml
rename to .changes/1.7.0/Under the Hood-20230913-141651.yaml
diff --git a/.changes/unreleased/Under the Hood-20231006-093107.yaml b/.changes/1.7.0/Under the Hood-20231006-093107.yaml
similarity index 100%
rename from .changes/unreleased/Under the Hood-20231006-093107.yaml
rename to .changes/1.7.0/Under the Hood-20231006-093107.yaml
diff --git a/.changes/unreleased/Under the Hood-20231011-131211.yaml b/.changes/1.7.0/Under the Hood-20231011-131211.yaml
similarity index 100%
rename from .changes/unreleased/Under the Hood-20231011-131211.yaml
rename to .changes/1.7.0/Under the Hood-20231011-131211.yaml
diff --git a/.changes/unreleased/Under the Hood-20231011-163749.yaml b/.changes/1.7.0/Under the Hood-20231011-163749.yaml
similarity index 100%
rename from .changes/unreleased/Under the Hood-20231011-163749.yaml
rename to .changes/1.7.0/Under the Hood-20231011-163749.yaml
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8a45ae40236..ceb61ed3cbf 100755
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,86 @@
 - "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-rc1 - October 12, 2023
+
+### Features
+
+- add log file of installed packages via dbt deps ([#6643](https://github.com/dbt-labs/dbt-core/issues/6643))
+- Add --no-inject-ephemeral-ctes flag for `compile` command, for usage by linting. ([#8480](https://github.com/dbt-labs/dbt-core/issues/8480))
+- Accept a `dbt-cloud` config in dbt_project.yml ([#8438](https://github.com/dbt-labs/dbt-core/issues/8438))
+- Support atomic replace in the global replace macro ([#8539](https://github.com/dbt-labs/dbt-core/issues/8539))
+- Use translate_type on data_type in model.columns in templates by default, remove no op `TYPE_LABELS` ([#8007](https://github.com/dbt-labs/dbt-core/issues/8007))
+- Add an option to generate static documentation ([#8614](https://github.com/dbt-labs/dbt-core/issues/8614))
+- Allow setting "access" as a config in addition to as a property ([#8383](https://github.com/dbt-labs/dbt-core/issues/8383))
+- Loosen typing requirement on renameable/replaceable relations to Iterable to allow adapters more flexibility in registering relation types, include docstrings as suggestions ([#8647](https://github.com/dbt-labs/dbt-core/issues/8647))
+- Add support for optional label in semantic_models, measures, dimensions and entities. ([#8595](https://github.com/dbt-labs/dbt-core/issues/8595), [#8755](https://github.com/dbt-labs/dbt-core/issues/8755))
+- Allow adapters to include package logs in dbt standard logging  ([#7859](https://github.com/dbt-labs/dbt-core/issues/7859))
+- Support storing test failures as views ([#6914](https://github.com/dbt-labs/dbt-core/issues/6914))
+- resolve packages with same git repo and unique subdirectory ([#5374](https://github.com/dbt-labs/dbt-core/issues/5374))
+- Add new ResourceReport event to record memory/cpu/io metrics ([#8342](https://github.com/dbt-labs/dbt-core/issues/8342))
+- Adding `date_spine` macro (and supporting macros) from dbt-utils to dbt-core ([#8172](https://github.com/dbt-labs/dbt-core/issues/8172))
+- Support `fill_nulls_with` and `join_to_timespine` for metric nodes ([#8593](https://github.com/dbt-labs/dbt-core/issues/8593), [#8755](https://github.com/dbt-labs/dbt-core/issues/8755))
+- Raise a warning when a contracted model has a numeric field without scale defined ([#8183](https://github.com/dbt-labs/dbt-core/issues/8183))
+- Added support for retrieving partial catalog information from a schema ([#8521](https://github.com/dbt-labs/dbt-core/issues/8521))
+- Add meta attribute to SemanticModels config ([#8511](https://github.com/dbt-labs/dbt-core/issues/8511))
+- Selectors with docs generate limits catalog generation ([#6014](https://github.com/dbt-labs/dbt-core/issues/6014))
+- Allow freshness to be determined via DBMS metadata for supported adapters ([#8704](https://github.com/dbt-labs/dbt-core/issues/8704))
+- Add support semantic layer SavedQuery node type ([#8594](https://github.com/dbt-labs/dbt-core/issues/8594))
+
+### Fixes
+
+- If --profile specified with dbt-init, create the project with the specified profile ([#6154](https://github.com/dbt-labs/dbt-core/issues/6154))
+- Add explicit support for integers for the show command ([#8153](https://github.com/dbt-labs/dbt-core/issues/8153))
+- Parse the correct schema version from manifest ([#8544](https://github.com/dbt-labs/dbt-core/issues/8544))
+- make version comparison insensitive to order ([#8571](https://github.com/dbt-labs/dbt-core/issues/8571))
+- Update metric helper functions to work with new semantic layer metrics ([#8134](https://github.com/dbt-labs/dbt-core/issues/8134))
+- Disallow cleaning paths outside current working directory ([#8318](https://github.com/dbt-labs/dbt-core/issues/8318))
+- Warn when --state == --target ([#8160](https://github.com/dbt-labs/dbt-core/issues/8160))
+- update dbt show to include limit in DWH query  ([#8496,](https://github.com/dbt-labs/dbt-core/issues/8496,), [#8417](https://github.com/dbt-labs/dbt-core/issues/8417))
+- Support quoted parameter list for MultiOption CLI options. ([#8598](https://github.com/dbt-labs/dbt-core/issues/8598))
+- Support global flags passed in after subcommands ([#6497](https://github.com/dbt-labs/dbt-core/issues/6497))
+- Lower bound of `8.0.2` for `click` ([#8683](https://github.com/dbt-labs/dbt-core/issues/8683))
+- Fixes test type edges filter ([#8692](https://github.com/dbt-labs/dbt-core/issues/8692))
+- semantic models in graph selection ([#8589](https://github.com/dbt-labs/dbt-core/issues/8589))
+- Support doc blocks in nested semantic model YAML ([#8509](https://github.com/dbt-labs/dbt-core/issues/8509))
+- avoid double-rendering sql_header in dbt show ([#8739](https://github.com/dbt-labs/dbt-core/issues/8739))
+- Fix tag selection for projects with semantic models ([#8749](https://github.com/dbt-labs/dbt-core/issues/8749))
+- Foreign key constraint on incremental model results in Database Error ([#8022](https://github.com/dbt-labs/dbt-core/issues/8022))
+- Support docs blocks on versioned model column descriptions ([#8540](https://github.com/dbt-labs/dbt-core/issues/8540))
+- Enable seeds to be handled from stored manifest data ([#6875](https://github.com/dbt-labs/dbt-core/issues/6875))
+- Override path-like args in dbt retry ([#8682](https://github.com/dbt-labs/dbt-core/issues/8682))
+- Group updates on unmodified nodes are handled gracefully for state:modified ([#8371](https://github.com/dbt-labs/dbt-core/issues/8371))
+- Partial parsing fix for adding groups and updating models at the same time ([#8697](https://github.com/dbt-labs/dbt-core/issues/8697))
+
+### Under the Hood
+
+- Added more type annotations. ([#8537](https://github.com/dbt-labs/dbt-core/issues/8537))
+- Audit potential circular dependencies ([#8349](https://github.com/dbt-labs/dbt-core/issues/8349))
+- Add functional test for advanced ref override ([#8566](https://github.com/dbt-labs/dbt-core/issues/8566))
+- Add typing to __init__ in base.py ([#8398](https://github.com/dbt-labs/dbt-core/issues/8398))
+- Fix untyped functions in task/runnable.py (mypy warning) ([#8402](https://github.com/dbt-labs/dbt-core/issues/8402))
+- add a test for ephemeral cte injection ([#8225](https://github.com/dbt-labs/dbt-core/issues/8225))
+- Fix test_numeric_values to look for more specific strings ([#8470](https://github.com/dbt-labs/dbt-core/issues/8470))
+- Pin types-requests<2.31.0 in `dev-requirements.txt` ([#8789](https://github.com/dbt-labs/dbt-core/issues/8789))
+- Add warning_tag to UnversionedBreakingChange ([#8827](https://github.com/dbt-labs/dbt-core/issues/8827))
+- Update v10 manifest schema to match 1.6 for testing schema compatibility ([#8835](https://github.com/dbt-labs/dbt-core/issues/8835))
+
+### Dependencies
+
+- Bump docker/build-push-action from 4 to 5 ([#8783](https://github.com/dbt-labs/dbt-core/pull/8783))
+- Upgrade dbt-semantic-interfaces dep to 0.3.0 ([#8819](https://github.com/dbt-labs/dbt-core/pull/8819))
+
+### Contributors
+- [@benmosher](https://github.com/benmosher) ([#8480](https://github.com/dbt-labs/dbt-core/issues/8480))
+- [@dave-connors-3](https://github.com/dave-connors-3) ([#8153](https://github.com/dbt-labs/dbt-core/issues/8153), [#8589](https://github.com/dbt-labs/dbt-core/issues/8589))
+- [@dylan-murray](https://github.com/dylan-murray) ([#8683](https://github.com/dbt-labs/dbt-core/issues/8683))
+- [@ezraerb](https://github.com/ezraerb) ([#6154](https://github.com/dbt-labs/dbt-core/issues/6154))
+- [@jusbaldw](https://github.com/jusbaldw) ([#6643](https://github.com/dbt-labs/dbt-core/issues/6643))
+- [@mescanne](https://github.com/mescanne) ([#8614](https://github.com/dbt-labs/dbt-core/issues/8614))
+- [@philippeboyd](https://github.com/philippeboyd) ([#5374](https://github.com/dbt-labs/dbt-core/issues/5374))
+- [@renanleme](https://github.com/renanleme) ([#8692](https://github.com/dbt-labs/dbt-core/issues/8692))
+
+
 ## dbt-core 1.7.0-b2 - September 01, 2023
 
 ### Features
@@ -35,7 +115,6 @@
 ### Contributors
 - [@jamezrin](https://github.com/jamezrin) ([#8211](https://github.com/dbt-labs/dbt-core/issues/8211))
 
-
 ## dbt-core 1.7.0-b1 - August 17, 2023
 
 ### Breaking Changes
diff --git a/core/dbt/version.py b/core/dbt/version.py
index a0633ef1b4b..4ba3372a115 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__ = "1.7.0b2"
+__version__ = "1.7.0rc1"
 installed = get_installed_version()
diff --git a/core/setup.py b/core/setup.py
index 8abed7bd209..2a49dc05263 100644
--- a/core/setup.py
+++ b/core/setup.py
@@ -25,7 +25,7 @@
 
 
 package_name = "dbt-core"
-package_version = "1.7.0b2"
+package_version = "1.7.0rc1"
 description = """With dbt, data analysts and engineers can build analytics \
 the way engineers build applications."""
 
diff --git a/docker/Dockerfile b/docker/Dockerfile
index 6e4f779506e..148a373cee6 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@v1.7.0b2
-ARG dbt_postgres_ref=dbt-core@v1.7.0b2
-ARG dbt_redshift_ref=dbt-redshift@v1.7.0b2
-ARG dbt_bigquery_ref=dbt-bigquery@v1.7.0b2
-ARG dbt_snowflake_ref=dbt-snowflake@v1.7.0b2
-ARG dbt_spark_ref=dbt-spark@v1.7.0b2
+ARG dbt_core_ref=dbt-core@v1.7.0rc1
+ARG dbt_postgres_ref=dbt-core@v1.7.0rc1
+ARG dbt_redshift_ref=dbt-redshift@v1.7.0rc1
+ARG dbt_bigquery_ref=dbt-bigquery@v1.7.0rc1
+ARG dbt_snowflake_ref=dbt-snowflake@v1.7.0rc1
+ARG dbt_spark_ref=dbt-spark@v1.7.0rc1
 # 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 3f5d3c0b7b3..748f8f4eaea 100644
--- a/plugins/postgres/dbt/adapters/postgres/__version__.py
+++ b/plugins/postgres/dbt/adapters/postgres/__version__.py
@@ -1 +1 @@
-version = "1.7.0b2"
+version = "1.7.0rc1"
diff --git a/plugins/postgres/setup.py b/plugins/postgres/setup.py
index fcfabc9281b..f5121886157 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 = "1.7.0b2"
+package_version = "1.7.0rc1"
 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 3f5d3c0b7b3..748f8f4eaea 100644
--- a/tests/adapter/dbt/tests/adapter/__version__.py
+++ b/tests/adapter/dbt/tests/adapter/__version__.py
@@ -1 +1 @@
-version = "1.7.0b2"
+version = "1.7.0rc1"
diff --git a/tests/adapter/setup.py b/tests/adapter/setup.py
index 87477a1d0a9..ad5bc0ec3e6 100644
--- a/tests/adapter/setup.py
+++ b/tests/adapter/setup.py
@@ -20,7 +20,7 @@
 
 
 package_name = "dbt-tests-adapter"
-package_version = "1.7.0b2"
+package_version = "1.7.0rc1"
 description = """The dbt adapter tests for adapter plugins"""
 
 this_directory = os.path.abspath(os.path.dirname(__file__))