North American PCB Industry Sales Up 12.8% in August

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The Global Electronics Association announced the August 2025 findings from its North American Printed Circuit Board (PCB) Statistical Program. The book-to-bill ratio stands at 0.98.

Total North American PCB shipments in August 2025 were up 12.8% compared to the same month last year and up 3.3% from July. August's year-to-date (YTD) shipments increased by 8.3% year-over-year (YOY).

PCB bookings in August were down 4.1% compared to the same month last year and were down 5.2% compared to July. August’s YTD bookings increased 14.5% compared to the same period last year.

"The North American PCB sector is showing some near-term softness, with bookings trailing shipments, but the broader trajectory remains positive,” said Dr. Shawn DuBravac, chief economist, Global Electronics Association. “While short-term book-to-bill ratios point to a cooling phase, the underlying fundamentals remain constructive for the quarters ahead.”

North American PCB indicators point to near-term softness against a stronger year-to-date backdrop. The three-month book-to-bill at 0.98 and the 1-month at 0.88 show bookings trailing shipments, which implies easing capacity utilization and limited near-term upside. Rolling trends confirm the pause, with shipments down 1.9% and bookings down 3.6% on a 3-month moving-average basis. Even so, the year-to-date picture remains solid, with shipments up 8.3% and bookings up 14.5%, indicating demand is still running ahead of last year and backlog support persists. Netting these signals, the sector is digesting recent strength in the short run, while underlying demand remains constructive for the coming quarters.

Detailed Data Available

Companies that participate in the Global Electronics Association’s North American PCB Statistical Program have access to detailed findings on rigid PCB and flexible circuit sales and orders, including separate rigid and flex book-to-bill ratios, growth trends by product types and company size tiers, demand for prototypes, sales growth to military and medical markets, and other timely data.

Interpreting the Data

The book-to-bill ratios are calculated by dividing the value of orders booked over the past three months by the value of sales billed during the same period from companies in the Global Electronics Association’s survey sample. A ratio of more than 1.00 suggests that current demand is ahead of supply, which is a positive indicator for sales growth over the next three to 12 months. A ratio of less than 1.00 indicates the reverse.

Year-on-year and year-to-date growth rates provide the most meaningful view of industry growth. Month-to-month comparisons should be made with caution as they reflect seasonal effects and short-term volatility. Because bookings tend to be more volatile than shipments, changes in the book-to-bill ratios from month to month might not be significant unless a trend of more than three consecutive months is apparent. It is also important to consider changes in both bookings and shipments to understand what is driving changes in the book-to-bill ratio.

The Global Electronics Association’s monthly PCB industry statistics are based on data provided by a representative sample of both rigid PCB and flexible circuit manufacturers selling in the USA and Canada.