As the largest university in the state's biggest city, the University of Wisconsin-Milwaukee (UWM) plays a crucial role in providing higher education to disadvantaged students. It also serves as the third-largest research institution in the state, behind only UW-Madison and the Medical College of Wisconsin. In 2013, an estimated $1.5 billion in overall economic impact and nearly 14,500 jobs were generated by UWM and its employees, students, visitors, and affiliated organizations. In addition, the university added to the regional economy in other ways by boosting local workers' skills and income and supporting local economic clusters in areas such as health care and freshwater science research. Given the local economy's need for innovation and for skilled workers such as nurses and programmers, UWM's contributions are perhaps more important than ever. Yet its critical role is jeopardized by the university's financial straits and its future contributions will depend heavily on decisions made at the state level as well as in response to the pandemic. In December, the Wisconsin Policy Forum published "Falling Behind?," a comprehensive review of the state's public colleges and universities that gave particular attention to UW-Madison. This follow-up report builds on that previous work by examining the particular challenges facing the state's other major public research university. This report reviews the recent history of UWM and its finances, its outcomes compared to peer universities in other states, and challenges that include the tuition freeze and enrollment declines. [For the executive summary, see ED615823. This report was funded the UWM Foundation. For "Falling Behind? The State of Wisconsin's Public Colleges and Universities," see ED612810.]