The economy sped up in the third quarter, according to economic reports. GDP growth was 3% in the second quarter, the highest growth rate since 2015. Activity throughout the quarter has been strong, and this week was no different. Sale activity remained strong in Phoenix, as they have been this year. There were sales across asset classes in the greater Phoenix area. Los Angeles also saw a lot of activity, especially in the industrial sector with both sales and leasing activity. 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— The U.S. economy is expected to continue its expansion, growing at a slightly faster rate in 2017 than it has over the past two years. U.S. GDP growth came in at 3% in the second quarter, the best growth rate since the first quarter of 2015 and making up for a weak first quarter. The newly released outlook estimates national growth for the rest of the year to be in the 2.5% range, the Fed's continued tightening and the slowdown in bank lending. California's economy is beginning to feel limits to its robust growth. Having been one of the fastest growing of the 50 states throughout the post-recessionary period, the state is effectively at 'full employment,' which has led to a recent slow down in labor market growth. One of the best signs for 2017 is the solid recovery in business investment and spending: Global economies have stabilized and are growing, and the ISM Manufacturing Index for August had its highest reading in 6 years. Consumers, on the other hand, are expected to pull back after perhaps spending too much: The consumer savings rate has dropped below 4% for the first time since before the last recession. Looking at California specifically, the supply and demand problem continues to be a major issue. California's housing shortage and sky-high home prices and rents continue to be one of the greatest impediments to the state's future economic growth. Demand has steadily increased, including demand from the much-anticipated arrival of Millennials on the housing scene, while additional supply, the construction of new homes, has been weak since the recession. The new outlook finds that the state will continue to grow but won't reach its potential until it crafts long-term, supply-oriented solutions to its housing affordability problem.