BANNOCKBURN, IL – The Global Electronics Association reported continued growth in the North American printed circuit board market in November 2025, with the book-to-bill ratio holding at 1.12, signaling sustained demand across the industry.

Total PCB shipments increased 21.1% year over year in November, though volumes declined 4.0% compared with October following the prior month’s surge. Year-to-date shipments were up 12.6% compared with the same period last year. Bookings showed similar strength, rising 23.3% year over year while slipping 0.7% month over month, with year-to-date bookings increasing 16.6%.

Chief economist Dr. Shawn DuBravac said the data point to a fundamentally healthy market despite moderation in monthly activity. He noted that while shipments eased from recent highs, bookings remained resilient, keeping the book-to-bill ratio comfortably above parity and supporting near-term demand visibility.

Three-month moving averages showed bookings continuing to grow faster than shipments, reinforcing a picture of steady demand rather than short-term volatility. The association said year-to-date performance confirms a transition from rapid post-downturn recovery toward more stable and sustainable growth, with future momentum increasingly tied to consistent order flow.

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