The Global Electronics Association has released July 2026 results from its North American Printed Circuit Board (PCB) Statistical Program, showing a book-to-bill ratio of 1.46. A book-to-bill ratio above 1.00 means new orders are outpacing what's currently being shipped, generally seen as a positive sign for sales growth over the following several months to a year.
Total North American PCB shipments in July were up 14.5% compared to the same month last year, and up 19.8% compared to the previous month. Year-to-date shipments through July increased 13.0% year-over-year.
PCB bookings, meaning new orders placed, rose 62.0% in July compared to the same month last year, and were up 28.1% compared to June. Year-to-date bookings through July increased 33.3% compared to the same period last year.
Dr. Shawn DuBravac, chief economist at the Global Electronics Association, said PCB activity accelerated meaningfully in July, with strong gains in both shipments and new orders, extending what has become a sustained period of growth for the North American PCB industry.
Companies that participate in the Global Electronics Association's North American PCB Statistical Program have access to more detailed data, including separate book-to-bill ratios for rigid PCBs and flexible circuits, growth trends broken out by product type and company size, demand for prototype orders, sales growth in military and medical markets, and other related figures.
On how to interpret these numbers, the book-to-bill ratio is calculated by dividing the value of orders booked over the past three months by the value of sales billed over that same period, based on data from companies in the Association's survey sample. A ratio above 1.00 suggests demand is currently outpacing supply, a positive signal for sales growth over the next three to twelve months, while a ratio below 1.00 suggests the opposite.
The Association notes that year-over-year and year-to-date growth figures offer the most meaningful picture of overall industry trends, while month-to-month comparisons should be treated cautiously since they can reflect seasonal patterns and short-term volatility. Because bookings tend to fluctuate more than shipments do, month-to-month shifts in the book-to-bill ratio may not be particularly meaningful unless they persist as a trend over more than three consecutive months. It's also useful to look at changes in both bookings and shipments together to understand what's actually driving movement in the ratio.
The Global Electronics Association's monthly PCB industry statistics are compiled from data submitted by a representative sample of rigid PCB and flexible circuit manufacturers selling in the U.S. and Canada, with the PCB book-to-bill ratio published by the end of each month.
