North American PCB Market Gains Momentum with 1.60 Book-to-Bill Ratio in May

The Global Electronics Association announced today the May 2026 findings from its North American Printed Circuit Board (PCB) Statistical Program. The book-to-bill ratio stands at 1.60.

Total North American PCB shipments in May 2026were up 11.9% compared to the same month last year. Compared to the preceding month, May shipments were up 10.1%. May's year-to-date (YTD) shipments increased by 12.8% year-over-year (YOY).

PCB bookings in May were up 102.8% compared to the same month last year. May bookings were up 22.3% compared to the preceding month. May's YTD bookings increased 28.6% compared to the same period last year.

"The AI build-out continues to fuel strong bookings that have driven the PCB book-to-bill to historic levels. Shipments are keeping pace, up 11.9% over last year and 10.1% from April, while year-to-date orders run 28.6% ahead," 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.

NOTE: Starting with the May 2026 Statistical Program report, book-to-bill ratio calculations incorporate updated survey methodologies. Because of this change, May ratios may vary substantially from previously reported monthly figures, and comparisons with prior periods should be made with caution. The updated methodology is intended to provide a more accurate reflection of current market activity. For questions, please reach out to [email protected].