diff --git a/core/dbt/tests/util.py b/core/dbt/tests/util.py
index 7c22a4df94f..21a23b58010 100644
--- a/core/dbt/tests/util.py
+++ b/core/dbt/tests/util.py
@@ -224,6 +224,10 @@ def rm_dir(directory_path):
         raise FileNotFoundError(f"{directory_path} does not exist.")
 
 
+def rename_dir(src_directory_path, dest_directory_path):
+    os.rename(src_directory_path, dest_directory_path)
+
+
 # Get an artifact (usually from the target directory) such as
 # manifest.json or catalog.json to use in a test
 def get_artifact(*paths):
diff --git a/tests/functional/partial_parsing/test_partial_parsing.py b/tests/functional/partial_parsing/test_partial_parsing.py
index cd89fd0d014..12d896f8b00 100644
--- a/tests/functional/partial_parsing/test_partial_parsing.py
+++ b/tests/functional/partial_parsing/test_partial_parsing.py
@@ -1,7 +1,16 @@
+from argparse import Namespace
 import pytest
 from unittest import mock
 
-from dbt.tests.util import run_dbt, get_manifest, write_file, rm_file, run_dbt_and_capture
+import dbt.flags as flags
+from dbt.tests.util import (
+    run_dbt,
+    get_manifest,
+    write_file,
+    rm_file,
+    run_dbt_and_capture,
+    rename_dir,
+)
 from dbt.tests.fixtures.project import write_project_files
 from tests.functional.partial_parsing.fixtures import (
     model_one_sql,
@@ -846,3 +855,64 @@ def test_pp_external_models(
         run_dbt(["--partial-parse", "parse"])
         assert len(manifest.nodes) == 6
         assert len(manifest.external_node_unique_ids) == 4
+
+
+class TestPortablePartialParsing:
+    @pytest.fixture(scope="class")
+    def models(self):
+        return {
+            "model_one.sql": model_one_sql,
+        }
+
+    @pytest.fixture(scope="class")
+    def packages(self):
+        return {"packages": [{"local": "local_dependency"}]}
+
+    @pytest.fixture(scope="class")
+    def local_dependency_files(self):
+        return {
+            "dbt_project.yml": local_dependency__dbt_project_yml,
+            "models": {
+                "schema.yml": local_dependency__models__schema_yml,
+                "model_to_import.sql": local_dependency__models__model_to_import_sql,
+            },
+            "macros": {"dep_macro.sql": local_dependency__macros__dep_macro_sql},
+            "seeds": {"seed.csv": local_dependency__seeds__seed_csv},
+        }
+
+    def rename_project_root(self, project, new_project_root):
+        rename_dir(project.project_root, new_project_root)
+        project.project_root = new_project_root
+        # flags.project_dir is set during the project test fixture, and is persisted across run_dbt calls,
+        # so it needs to be reset between
+        flags.set_from_args(Namespace(PROJECT_DIR=new_project_root), None)
+
+    @pytest.fixture(scope="class", autouse=True)
+    def initial_run_and_rename_project_dir(self, project, local_dependency_files):
+        initial_project_root = project.project_root
+        renamed_project_root = os.path.join(project.project_root.dirname, "renamed_project_dir")
+
+        write_project_files(project.project_root, "local_dependency", local_dependency_files)
+
+        # initial run
+        run_dbt(["deps"])
+        assert len(run_dbt(["seed"])) == 1
+        assert len(run_dbt(["run"])) == 2
+
+        self.rename_project_root(project, renamed_project_root)
+        yield
+        self.rename_project_root(project, initial_project_root)
+
+    def test_pp_renamed_project_dir_unchanged_project_contents(self, project):
+        # partial parse same project in new absolute dir location, using partial_parse.msgpack created in previous dir
+        run_dbt(["deps"])
+        assert len(run_dbt(["--partial-parse", "seed"])) == 1
+        assert len(run_dbt(["--partial-parse", "run"])) == 2
+
+    def test_pp_renamed_project_dir_changed_project_contents(self, project):
+        write_file(model_two_sql, project.project_root, "models", "model_two.sql")
+
+        # partial parse changed project in new absolute dir location, using partial_parse.msgpack created in previous dir
+        run_dbt(["deps"])
+        len(run_dbt(["--partial-parse", "seed"])) == 1
+        len(run_dbt(["--partial-parse", "run"])) == 3