diff --git a/packages/client/src/components/Component.svelte b/packages/client/src/components/Component.svelte
index 0ee079a0bc..4440e83845 100644
--- a/packages/client/src/components/Component.svelte
+++ b/packages/client/src/components/Component.svelte
@@ -23,6 +23,11 @@
   // props with old ones, depending on how long enrichment takes.
   let latestUpdateTime
 
+  // Keep track of stringified representations of context and instance
+  // to avoid enriching bindings as much as possible
+  let lastContextKey
+  let lastInstanceKey
+
   // Get contexts
   const context = getContext("context")
   const insideScreenslot = !!getContext("screenslot")
@@ -42,7 +47,9 @@
     definition?.hasChildren &&
     definition?.showEmptyState !== false &&
     $builderStore.inBuilder
-  $: updateComponentProps(instance, $context)
+  $: rawProps = getRawProps(instance)
+  $: instanceKey = JSON.stringify(rawProps)
+  $: updateComponentProps(rawProps, instanceKey, $context)
   $: selected =
     $builderStore.inBuilder &&
     $builderStore.selectedComponentId === instance._id
@@ -59,6 +66,16 @@
     name,
   })
 
+  const getRawProps = instance => {
+    let validProps = {}
+    Object.entries(instance)
+      .filter(([name]) => !name.startsWith("_"))
+      .forEach(([key, value]) => {
+        validProps[key] = value
+      })
+    return validProps
+  }
+
   // Gets the component constructor for the specified component
   const getComponentConstructor = component => {
     const split = component?.split("/")
@@ -76,13 +93,23 @@
   }
 
   // Enriches any string component props using handlebars
-  const updateComponentProps = (instance, context) => {
+  const updateComponentProps = (rawProps, instanceKey, context) => {
+    const instanceSame = instanceKey === lastInstanceKey
+    const contextSame = context.key === lastContextKey
+
+    if (instanceSame && contextSame) {
+      return
+    } else {
+      lastInstanceKey = instanceKey
+      lastContextKey = context.key
+    }
+
     // Record the timestamp so we can reference it after enrichment
     latestUpdateTime = Date.now()
     const enrichmentTime = latestUpdateTime
 
     // Enrich props with context
-    const enrichedProps = enrichProps(instance, context)
+    const enrichedProps = enrichProps(rawProps, context)
 
     // Abandon this update if a newer update has started
     if (enrichmentTime !== latestUpdateTime) {
diff --git a/packages/client/src/components/Provider.svelte b/packages/client/src/components/Provider.svelte
index d2679957c0..1079779e9a 100644
--- a/packages/client/src/components/Provider.svelte
+++ b/packages/client/src/components/Provider.svelte
@@ -14,18 +14,32 @@
   const newContext = createContextStore(context)
   setContext("context", newContext)
 
-  $: providerKey = key || $component.id
+  const providerKey = key || $component.id
 
-  // Add data context
-  $: newContext.actions.provideData(providerKey, data)
+  // Generate a permanent unique ID for this component and use it to register
+  // any datasource actions
+  const instanceId = generate()
 
-  // Instance ID is unique to each instance of a provider
-  let instanceId
+  // Keep previous state around so we can avoid updating unless necessary
+  let lastDataKey
+  let lastActionsKey
 
-  // Add actions context
-  $: {
-    if (instanceId) {
-      actions?.forEach(({ type, callback, metadata }) => {
+  $: provideData(data)
+  $: provideActions(actions, instanceId)
+
+  const provideData = newData => {
+    const dataKey = JSON.stringify(newData)
+    if (dataKey !== lastDataKey) {
+      newContext.actions.provideData(providerKey, newData)
+      lastDataKey = dataKey
+    }
+  }
+
+  const provideActions = newActions => {
+    const actionsKey = JSON.stringify(newActions)
+    if (actionsKey !== lastActionsKey) {
+      lastActionsKey = actionsKey
+      newActions?.forEach(({ type, callback, metadata }) => {
         newContext.actions.provideAction(providerKey, type, callback)
 
         // Register any "refresh datasource" actions with a singleton store
@@ -43,10 +57,6 @@
   }
 
   onMount(() => {
-    // Generate a permanent unique ID for this component and use it to register
-    // any datasource actions
-    instanceId = generate()
-
     // Unregister all datasource instances when unmounting this provider
     return () => dataSourceStore.actions.unregisterInstance(instanceId)
   })
diff --git a/packages/client/src/store/context.js b/packages/client/src/store/context.js
index e9d307d4f3..e372b837bd 100644
--- a/packages/client/src/store/context.js
+++ b/packages/client/src/store/context.js
@@ -4,7 +4,21 @@ export const createContextStore = oldContext => {
   const newContext = writable({})
   const contexts = oldContext ? [oldContext, newContext] : [newContext]
   const totalContext = derived(contexts, $contexts => {
-    return $contexts.reduce((total, context) => ({ ...total, ...context }), {})
+    // The key is the serialized representation of context
+    let key = ""
+    for (let i = 0; i < $contexts.length - 1; i++) {
+      key += $contexts[i].key
+    }
+    key += JSON.stringify($contexts[$contexts.length - 1])
+
+    // Reduce global state
+    const reducer = (total, context) => ({ ...total, ...context })
+    const context = $contexts.reduce(reducer, {})
+
+    return {
+      ...context,
+      key,
+    }
   })
 
   // Adds a data context layer to the tree
diff --git a/packages/client/src/utils/componentProps.js b/packages/client/src/utils/componentProps.js
index 14516fdb4c..65e86c28d6 100644
--- a/packages/client/src/utils/componentProps.js
+++ b/packages/client/src/utils/componentProps.js
@@ -22,14 +22,6 @@ export const propsAreSame = (a, b) => {
  * Data bindings are enriched, and button actions are enriched.
  */
 export const enrichProps = (props, context) => {
-  // Exclude all private props that start with an underscore
-  let validProps = {}
-  Object.entries(props)
-    .filter(([name]) => !name.startsWith("_"))
-    .forEach(([key, value]) => {
-      validProps[key] = value
-    })
-
   // Create context of all bindings and data contexts
   // Duplicate the closest context as "data" which the builder requires
   const totalContext = {
@@ -41,7 +33,7 @@ export const enrichProps = (props, context) => {
   }
 
   // Enrich all data bindings in top level props
-  let enrichedProps = enrichDataBindings(validProps, totalContext)
+  let enrichedProps = enrichDataBindings(props, totalContext)
 
   // Enrich click actions if they exist
   if (enrichedProps.onClick) {