diff --git a/.changes/unreleased/Fixes-20240926-101220.yaml b/.changes/unreleased/Fixes-20240926-101220.yaml
new file mode 100644
index 00000000000..677ee458048
--- /dev/null
+++ b/.changes/unreleased/Fixes-20240926-101220.yaml
@@ -0,0 +1,6 @@
+kind: Fixes
+body: Attempt to skip saved query processing when no semantic manifest changes
+time: 2024-09-26T10:12:20.193453-04:00
+custom:
+  Author: gshank
+  Issue: "10563"
diff --git a/core/dbt/contracts/graph/nodes.py b/core/dbt/contracts/graph/nodes.py
index 63cab649573..97dc5ea93c9 100644
--- a/core/dbt/contracts/graph/nodes.py
+++ b/core/dbt/contracts/graph/nodes.py
@@ -1696,6 +1696,7 @@ class ParsedSingularTestPatch(ParsedPatch):
 
 TestNode = Union[SingularTestNode, GenericTestNode]
 
+SemanticManifestNode = Union[SavedQuery, SemanticModel, Metric]
 
 RESOURCE_CLASS_TO_NODE_CLASS: Dict[Type[BaseResource], Type[BaseNode]] = {
     node_class.resource_class(): node_class
diff --git a/core/dbt/parser/manifest.py b/core/dbt/parser/manifest.py
index 5536bf39270..7ffd00febc5 100644
--- a/core/dbt/parser/manifest.py
+++ b/core/dbt/parser/manifest.py
@@ -57,6 +57,7 @@
     ResultNode,
     SavedQuery,
     SeedNode,
+    SemanticManifestNode,
     SemanticModel,
     SourceDefinition,
 )
@@ -1141,6 +1142,23 @@ def process_metrics(self, config: RuntimeConfig):
 
     def process_saved_queries(self, config: RuntimeConfig):
         """Processes SavedQuery nodes to populate their `depends_on`."""
+        # Note: This will also capture various nodes which have been re-parsed
+        # because they refer to some other changed node, so there will be
+        # false positives. Ideally we would compare actual changes.
+        semantic_manifest_changed = False
+        semantic_manifest_nodes: chain[SemanticManifestNode] = chain(
+            self.manifest.saved_queries.values(),
+            self.manifest.semantic_models.values(),
+            self.manifest.metrics.values(),
+        )
+        for node in semantic_manifest_nodes:
+            # Check if this node has been modified in this parsing run
+            if node.created_at > self.started_at:
+                semantic_manifest_changed = True
+                break  # as soon as we run into one changed node we can stop
+        if semantic_manifest_changed is False:
+            return
+
         current_project = config.project_name
         for saved_query in self.manifest.saved_queries.values():
             # TODO: