North American PCB Market Shows Mixed Signals: Shipments Up, Bookings Soft

The Global Electronics Association announced today the March 2026 findings from its North American Printed Circuit Board (PCB) Statistical Program. The book-to-bill ratio stands at 1.08.

Total North American PCB shipments in March 2026were up 4.4% compared to the same month last year. Compared to the preceding month, March shipments were down 11.2%. March's year-to-date (YTD) shipments increased by 10.8% year-over-year (YOY).

PCB bookings in March were down 4.1% compared to the same month last year. March bookings were up 17.4% compared to the preceding month. March’s YTD bookings decreased 3.1% compared to the same period last year.

“The PCB sector was soft sequentially in March, recording declines in both shipments and bookings following a strong February, but the book-to-bill continues to point to a tight market,” said Dr. Shawn DuBravac, Global Electronics Association’s chief economist. 

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.