Employment numbers are up in several Southwest markets, specifically in the inland Southern California markets and in the greater Phoenix area. The increased employment—partly driven by companies relocating to decrease costs—have driven demand for apartments and housing, producing rental increases and home prices, according to several reports. Additionally, sales activity was strong for the week and new construction remained active with new multifamily deliveries and construction starts. 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

PHOENIX—Phoenix employment is outpacing the nation, and greater ease of doing business than several West Coast markets has also spurred company expansions in the region, which are supplying Phoenix with high-paying positions in the tech industry. This job growth is fueling demand for apartments in the Phoenix metro. Suburban markets lead construction activity with more than 13,000 apartments underway across the valley. Areas of highest concentration include the North Tempe/University and North Central Phoenix submarkets, which will both add more than 2,300 units over the next two years. Several of the biggest complexes underway across the market are rising in Tempe to meet the needs of a growing workforce and Arizona State University. The largest project opening this year is the 399-unit market-rate Nexa in Tempe. High demand for limited available units combined with an influx of top-tier rentals across the market contribute to another year of stable rent gains. Growth in the number of households renting is also being supported by a median home price that continues to climb at a higher rate than the median household income. A higher propensity to rent will help fill new rentals across the market at a steady clip in 2017, dropping availability for the eighth consecutive year, nearing the tightest level of the cycle.