North American PCB Industry Ends 2025 with Strong Book-to-Bill and Double-Digit Shipment Growth

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The Global Electronics Association announced today the December 2025 findings from its North American Printed Circuit Board (PCB) Statistical Program. The book-to-bill ratio stands at 1.18.

Total North American PCB shipments in December 2025were up 11.0% compared to the same month last year. Compared to the preceding month, December shipments were down -12.8%. December's year-to-date (YTD) shipments increased by 12.8% year-over-year (YOY).

PCB bookings in December were up 11.0% compared to the same month last year. December bookings were down 17.7% compared to the preceding month. December’s YTD bookings increased 15.0% compared to the same period last year.

North American PCB activity for December reflects a well-balanced market showing healthy momentum. Bookings outpaced shipments for the month, which may signal emerging demand growth; however, the longer-term three-month and year-to-date metrics temper that optimism. Over those periods, shipments have grown faster than bookings, suggesting the industry is likely catching up on backlog and shipping more aggressively to meet existing demand. The growth story remains intact but sustaining it will require bookings to accelerate rather than rely solely on fulfillment of past orders.\

"The North American PCB book-to-bill strengthened again in December, due in part to softer shipments,” said Dr. Shawn DuBravac, Global Electronics Association’s chief economist. “Bookings remain solid, signaling improving order momentum headed into this year.”

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. The Association publishes the PCB book-to-bill ratio by the end of each month.