North American PCB Industry Posts Double-Digit Year-to-Date Gains in Shipments and Bookings

The Global Electronics Association announced today the September 2025 findings from its North American Printed Circuit Board (PCB) Statistical Program. The book-to-bill ratio stands at 0.92.

Total North American PCB shipments in September 2025 were up 32% compared to the same month last year. Compared to the preceding month, September shipments were down 7.8%. September's year-to-date (YTD) shipments increased by 10.5% year-over-year (YOY).

PCB bookings in September were up 1.8% compared to the same month last year. September bookings were down 1.6% compared to the preceding month. September’s YTD bookings increased 13.1% compared to the same period last year.

“Production in September strengthened as factories cleared backlogs and met steady demand, while orders eased into a more sustainable range,” said Dr. Shawn DuBravac, Global Electronics Association’s chief economist. “Data center investments, especially around AI infrastructure, continue to provide an important floor for demand.”

North American PCB activity in September shows output firming while order growth cools. The 3-month book-to-bill printed 0.92 and the 1-month ratio improved to 0.94, signaling shipments continued to run ahead of bookings but the near-term gap narrowed. Month over month, shipments rose about 2.2% and bookings eased 1.6%. On a rolling 3-month basis, shipments increased roughly 1.8% while bookings declined about 4.1%, which is consistent with a digestion phase after earlier strength. Year over year, shipments advanced about 32% and bookings were up roughly 1.8%. Year to date, shipments are tracking +10.5% and bookings +13.1%, indicating 2025 remains solidly ahead of last year.

Manufacturers appear to be converting prior commitments and improving throughput as supply conditions stabilize. Heading into Q4, the key watchpoints include the pace of new program awards, fiscal year-end timing effects, and the scale of ongoing AI infrastructure build-outs. If AI server capital spending remains on track, data center programs should help offset cyclical softness in other end markets, sustaining shipment levels and supporting margins through higher-value product mix. Provided bookings hold near current levels, backlog and mix should keep factory activity well supported through the end of the 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 surveys and publishes the PCB book-to-bill ratio monthly.