Looking forward to continued growth for the rest of the year, North American PCB bookings grew 17.8% YoY in February 2025, driving shipments up 11.3% and pushing the book-to-bill ratio to a record-breaking 1.33.
Printed circuit board (PCB) shipments in North America rose 11.3% year-on-year (YoY) in February 2025, according to a report by IPC (Institute of Printed Circuits). The month also recorded an all-time high book-to-bill ratio of 1.33—a key indicator of strong industry demand and future growth.
This milestone follows continued momentum in PCB bookings, which surged 17.8% YoY and 19.9% month-over-month (MoM) in February. Year-to-date (YTD) bookings have jumped 28.8% compared to the same period last year.
Meanwhile, shipments rose compared to February 2024, despite dipping 1.5% from January. YTD shipments remain healthy, up 15.5% YoY.
The book-to-bill ratio, which dipped below 1.00 from May to August 2024—indicating supply outpacing demand—rebounded strongly beginning in September. By February 2025, the ratio reflected sustained demand outpacing shipments for six consecutive months.
Meanwhile, the YoY growth trends in shipments and bookings tell a complementary story. Bookings spiked dramatically in August (42.6%), December (58.4%), and January (44.9%), while shipments followed with steadier but positive growth. February’s shipment growth suggests manufacturers are beginning to catch up with demand, though bookings continue to lead.
“Another exceptionally strong month of bookings has pushed the PCB book-to-bill ratio to a new all-time high, underscoring the strong demand momentum currently in the industry,” said Shawn DuBravac, IPC’s chief economist.
According to IPC, a book-to-bill ratio above 1.00 indicates demand outpacing supply—a bullish signal for the months ahead.
As orders continue to grow, the report hopes that the PCB industry will witness a sustained expansion through 2025.
