November PCB Data Signals Sustained Growth as Book-to-Bill Remains in Expansion

The Global Electronics Association announced today the November 2025 findings from its North American Printed Circuit Board (PCB) Statistical Program. The book-to-bill ratio stands at 1.12.

Total North American PCB shipments in November 2025 were up 21.1% compared to the same month last year. Compared to the preceding month, November shipments were down -4.0%. November's year-to-date (YTD) shipments increased by 12.6% year-over-year (YOY).

PCB bookings in November were up 23.3% compared to the same month last year. November bookings were down 0.7% compared to the preceding month. November’s YTD bookings increased 16.6% compared to the same period last year.

“The November data point to a market that remains fundamentally healthy, even as monthly activity moderated following October’s surge,” said Dr. Shawn DuBravac, chief economist of the Global Electronics Association. “Shipments pulled back modestly on a month-over-month basis, but bookings held firm, keeping the book-to-bill ratio comfortably above parity. That balance suggests demand remains intact as the industry continues to transition into a more normalized operating rhythm.”

North American PCB activity in November reflects a market that is cooling slightly from recent peaks but remains on solid footing. Bookings continued to outpace shipments, supporting near-term demand visibility, while the three-month moving averages show bookings growing meaningfully faster than shipments. Year-to-date performance reinforces this picture, with bookings maintaining a clear lead over shipments. Together, these trends indicate a market that is shifting from rapid recovery toward steadier, more sustainable growth, where future momentum will depend on consistent new order flow rather than short-term volatility in monthly shipments.

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.