The study formulates a Human Capital Index for Punjab province and districts. To assess the human capital endowment, the present study has bifurcated the conceptual framework across two dimensions 1) Learning Outcomes 2) Employment Outcomes. The learning outcomes have been further divided into knowledge and skill component. For knowledge component education indicators, have been used from primary through tertiary from Pakistan Education Statistics 2013-14, MICS 2014 and youth literacy from PSLM 2014-15. For assessing skill component technical and vocational training data from Pakistan Education Statistics 2013-14 has been included. For district, wise study data has been taken from ASER report 2015 for schooling and for Skill component the data has been taken from TEVTA 2016. For labor force indicators, the data has been taken from LFS 2014-15 and 2010. The present study has applied the data standardization method provided by the Human Capital Report 2016 by the World Economic Forum. After normalization of the indices across both dimensions, we take a weighted average of the dimension and sub-dimension indices. Sub-dimensions have been combined using different weighting method for accommodating aspects such as differences in quality of education and underemployment. The results show that the HCI value for Punjab is 56.79 which is below the average threshold value of 60 for optimization of human capital potential. This implies that the Punjab Government must aim at promoting policies and programmes targeting both learning and employment outcomes to fully nurture and utilize its human capital potential in the province. The study further highlights spatial dynamics of human capital across districts in Punjab and findings suggest that across most districts there is a need for further investment in high quality education and skill enhancement and developing linkages with labor market for decent employment opportunities.