Denton reports record 392 incentivized jobs and $344.5 million in capital investment in 2025; Novartis and Panel Ray among noted projects

City economic-development staff presented the Economic Development Partnership Board with a 2025 annual report on March 11 that the city described as a record year for incentivized activity.

The report, presented by staff, said incentivized projects processed by the office in 2025 are expected to create 392 jobs and generate $344,500,000 in total capital investment. Staff named several projects: Panel Ray (a gypsum-compound manufacturer) is expected to create 20 jobs with about $15 million in capital investment, and Novartis Gene Therapies was reported to have officially announced a relocation to Denton in the weeks before the meeting.

Staff also gave pipeline and outreach metrics: the office said it received 118 requests for information (RFIs) in 2025, submitted 64 responses and converted 9 to leads; one converted lead (Panel Ray) had reached active project status. The department reported 12 incentive applications were submitted in 2025 and a record 15 recruitment visits for the city.

Downtown-focused work included 132 new jobs downtown, $27,000 dispersed through a downtown reinvestment grant program, and expanded business retention and outreach efforts. Staff credited partnerships with Denton ISD, UNT and other workforce partners for recent recruitment efforts and programming such as two Denton job fairs held in 2025.

Jamie Adams of the public-private partnership presented complementary market data, reporting office vacancy at about 6.6% (down from 9.3% in a prior quarter) and industrial vacancy around 20%, noting new product and recent deliveries accounted for elevated industrial rents. Adams emphasized business-retention and workforce activities, including a manufacturers summit and a manufacturing-day event that drew more than 700 students.

Staff flagged Project Cloud as a near-term item: they said an incentive application is expected within a week and that the city council may consider the matter in closed session on March 24, with a possible follow-up to ADPV (the partnership) on April 8. The board also moved a separate closed-session agenda item (EDP-26-003) to the end of the meeting to discuss economic-development negotiations with a prospect code-named "Project Orange" under Texas Government Code —S 551.087.

No formal votes on incentives were taken during the public portion of the meeting; the board approved routine minutes earlier in the session.