North American PCB Book-to-Bill Ratio Stays at 1.12 in November 2025

The Global Electronics Association announced the November 2025 findings from its North American Printed Circuit Board (PCB) Statistical Program on January 6, 2026.

The book-to-bill ratio stands at 1.12.

Total North American PCB shipments in November 2025 increased 21.1% compared to the same month last year. Shipments decreased 4.0% compared to the preceding month. Year-to-date shipments increased 12.6% year-over-year.

PCB bookings in November 2025 increased 23.3% compared to the same month last year. Bookings decreased 0.7% compared to the preceding month. Year-to-date bookings increased 16.6% compared to the same period last year.

Dr. Shawn DuBravac, chief economist of the Global Electronics Association, stated that November data point to a market that remains fundamentally healthy, even as monthly activity moderated following October’s surge. Shipments pulled back modestly on a month-over-month basis, but bookings held firm, keeping the book-to-bill ratio above parity.

North American PCB activity in November reflects a market cooling slightly from recent peaks. Bookings continued to outpace shipments, while the three-month moving averages show bookings growing faster than shipments. Year-to-date performance shows bookings maintaining a lead ove...