Minneapolis mayor R.T. Rybak held a press briefing Monday at city hall to announce that the city's economic health is OK for now.
He said no one knows how long the current economic downturn will last, but he said the city's economy is holding up for several reasons.
Rybak gave much of the credit to the prevalence of major employers in education and the health care industry. He said both Children's Hospital and Fairview Health Services are in the process of expanding their current facilities.
"Education and healthcare continue to outperform the rest of the economy. We don't ever use the term 'recession proof' because this is a tough issue. But those industries that are so dominant here are doing relatively well," Rybak said.
Rybak also said several companies are continuing with plans to move employees from the suburbs to downtown Minneapolis.
And he said major financial institutions like Wells Fargo and US Bank are in good health.