In some ways, particularly in Silicon Valley, much depends on how one defines manufacturing. For example, a recent study on technology jobs found that apps for smartphones, tablets and social media have created an estimated 466,000 jobs in the U.S. since 2007, the year the iPhone was introduced. Whether apps qualify as "making stuff" is debatable, but something is being produced and innovation is advancing.
The apps study is here:
This is one of the most comprehensive stories on the snapshot of Silicon Valley today. It's data-driven, well backed up by figures and statistics... it sure makes us all want to believe that we are witnessing "the Second Half has begun," just as the author told me.