Despite slowing bookings, North America’s PCB sector posted 12.8% shipment growth in August, with year-to-date orders up 14.5%, signalling resilience amid short-term softness.
North America’s printed circuit board (PCB) industry posted double-digit shipment growth in August 2025, even as new orders showed signs of softening, according to recent data from the Global Electronics Association (GEA). Total shipments rose 12.8% year-on-year in August and were 3.3% higher than in July.
Meanwhile, on a year-to-date basis, shipments were up 8.3% compared to the same period in 2024. The month’s book-to-bill ratio came in at 0.98, signalling that orders trailed deliveries.
The data highlighted that bookings painted a more cautious picture. August orders decreased 4.1% compared to the same month last year and fell 5.2% from July. Even so, year-to-date bookings rose 14.5% compared to the previous year, indicating continued demand strength.
“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 at the GEA. “While short-term book-to-bill ratios point to a cooling phase, the underlying fundamentals remain constructive for the quarters ahead,” he noted.
Rolling three-month averages confirmed the slowdown, with shipments down 1.9% and bookings down 3.6%. The one-month book-to-bill ratio slipped further to 0.88. A ratio below 1.0 suggests that supply is outpacing demand, which could limit near-term capacity utilisation.
Despite the pause, industry watchers note that 2025 remains strong by historical standards. Backlogs are supporting production and shipments remain ahead of last year’s levels, suggesting that momentum could return later in the year.
The GEA’s monthly survey covers both rigid PCBs and flexible circuits produced by manufacturers in the United States and Canada.
