Harvard has the largest university endowment in the world. As of September 2011[update], it had nearly regained the loss suffered during the 2008 recession. It was worth $32 billion in 2011, up from $28 billion in September 2010 and $26 billion in 2009. It suffered about 30% loss in 2008-09. In December 2008, Harvard announced that its endowment had lost 22% (approximately $8 billion) from July to October 2008, necessitating budget cuts. Later reports suggest the loss was actually more than double that figure, a reduction of nearly 50% of its endowment in the first four months alone. Forbes in March 2009 estimated the loss to be in the range of $12 billion. One of the most visible results of Harvard's attempt to re-balance its budget was their halting of construction of the $1.2 billion Allston Science Complex that had been scheduled to be completed by 2011, resulting in protests from local residents. As of 2012[update], Harvard University had a total financial aid reserve of $159 million for students, and a Pell Grant reserve of $4.093 million available for disbursement.