What a difference five years make.
For over half a century, the United States was the world's leading manufacturer. That all changed in 2010 when China overtook the U.S. with the help of inexpensive labor.
But the tide appears to be shifting back in America's favor. Bloomberg reports that Chinese and U.S. manufacturing costs are largely equal now; 96¢ for every dollar spent at home. That's before considering the price of transporting goods halfway around the world, a costly and time‑consuming proposition that's prompted a growing number of producers to re‑embrace domestic manufacturing.