Although shipments eased month-on-month, a 1.12 book-to-bill ratio in November 2025 indicated that orders in North America’s PCB market remain strong, signalling steady industry growth.
North America’s printed circuit board (PCB) industry continued to expand in November 2025, even as monthly momentum eased from recent highs. According to new data by the Global Electronics Association, the demand remained resilient, with orders still outpacing shipments.
The PCB book-to-bill ratio stood at 1.12 in November. A ratio above one indicates that manufacturers received more orders than they shipped, signalling ongoing expansion.
Meanwhile, total PCB shipments across North America rose 21.1 per cent year on year in November. However, volumes declined 4 per cent compared with October, reflecting a modest month-on-month slowdown. On a year-to-date basis, shipments were up 12.6 per cent from the same period last year.
Order activity remained strong. PCB bookings increased 23.3 per cent compared with November 2024. Sequentially, bookings slipped 0.7 per cent from the previous month. Despite this, cumulative bookings for the year to date were 16.6 per cent higher than last year.
The association said the data points to a market that is stabilising after a period of sharp recovery. Dr Shawn DuBravac, chief economist at the Global Electronics Association, noted that demand conditions remain sound.
He said that while shipments softened after a strong October, bookings continued to hold up, keeping the industry in expansion territory.
Industry trends suggest that the gap between orders and shipments is providing manufacturers with near-term visibility. Bookings continued to exceed shipments during the month, reinforcing confidence in incoming demand. Three-month moving averages also indicated that bookings grew faster than shipments.
