The billings figure is 1.7 percent higher than the final January 2018 level of $2.37 billion, and is 22.2 percent higher than the February 2017 billings level of $1.97 billion.

“February billings remain at a level indicating another positive year for semiconductor equipment spending," said Ajit Manocha, president and CEO of SEMI. “We expect 2018 to mark the fourth consecutive year of spending growth, which last occurred in the 1990s."

The SEMI Billings report uses three-month moving averages of worldwide billings for North American-based semiconductor equipment manufacturers. Billings figures are in millions of U.S. dollars.