The aim of this paper is to estimate the series of capital stock at the regional level for Italy. Using the permanent inventory approach we obtain series for 20 regions and 17 sectors of economic activity covering the period 1970 - 1994. The first descriptive analysis presented in this paper confirms the dualistic structure of the Italian economy. Southern regions represent only 30% of total capital stock and their accumulation rate is declining. Moreover we show how the sectoral composition and change of the capital stock presents huge differences across regions.