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ROCHESTER REBOUND: Looking at the financial future of the Med City in the new year

ROCHESTER, Minn. (FOX 47) -- The pandemic impacted different cities in different ways last year, with many having to recover from a lower place than others.

Financial experts say that Rochester has been partly insulated from the financial fallout of the pandemic because of the large number of people in health care. Yet, problems persist in other industries.

"The stock market had a very, very good year last year. A lot of Wall Street firms are calling for another strong year," said Rochester based Fortress Financial Group advisor Dan Langworthy.

It may have been a strong year for Wall Street but that was not the case for Broadway in Rochester, especially for local businesses.

"They deserve our continued support, gratitude and I thank each and every one of you," said Rochester mayor Kim Norton.

While the city's medical industry has not been as severely hurt financially, the pandemic has taken its toll on Rochester's hospitality industry.

"A lot businesses in Rochester are dependent on out of state or out of town residents to spend their money in Rochester," Langworthy said.

The shutdowns caused a financial burden for many in the Med City.

"I want to tell them to hang in there," Norton said. "Relief in the end is in site."

President Joe Biden signed two financial relief executive orders Friday. But many are hoping Congress will pass the almost $2 trillion COVID-19 relief bill that could land an additional $1,400 in people's pockets.

"We cannot, will not, let people go hungry," Biden said Friday.

If that money arrives, financial advisors say you might want to have one eye looking toward the future.

"If there's things that you need or that you'd like to do with, I certainly would, but don't be opposed to tucking it away for a rainy day," Langworthy said.

He warns that yet another stimulus bill might have a negative impact on the economy.

"Whether people agree or disagree that it's needed, it's costing us as taxpayers a lot of money," the financial expert said. "That will stick with us for years and years to come."

In the weeks to come, Mayor Norton hopes the Rochester economy will start to turn the corner toward further recovery.

"It is my hope that we use what we've learned about being innovative and creative to survive. We've had to do that," Norton said. "Now let's use what we've learned to thrive. We're going to move ahead."

Langworthy says the price tag of the proposed stimulus bill added to the previous two totals six times more than what the government spent on stimulis money for the entirety of the 2009 financial crisis.

Alex Tejada

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