LOS ANGELES—Markets throughout the Southwest region reported strong activity in the first quarter of 2017. In Phoenix, industrial and office rents continued to rise with demand keeping pace with construction. In Riverside, the extreme lack of supply didn't hamper absorption rates and pushed rental rates to new heights. In Los Angeles, employment growth was strong, with education and healthcare continuing to be a leader in jobs. Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.
BY THE NUMBERS
LOS ANGELES—Nonfarm payrolls in Los Angeles County grew by 1.9%, adding a total of over 84,500 new jobs last year. This steady increase puts Los Angeles employment growth at 2%, on par with the state, but slightly behind other economic powerhouses in California, like San Francisco, which saw 2.6% employment growth, and the Inland Empire, which saw 3.2% growth in the same period. The unemployment rate in Los Angeles County dropped by about 1%, going from 5.8% to 4.9%, as nearly 44,000 more people entered the labor force. Education/Health industry, which expanded by 4.7% or about 35,400 new jobs, drove much of the job growth. The bulk of these jobs came from health care providers.
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