I was a cost accountant from 1982 to 1994.....
I worked for 5 companies, all manufacturers, during that time....all but one is out of business today.
I was in the US Navy during most of that period. In 1993 I left the Navy (remember the Peace Dividend?) and moved into manufacturing. I have weathered two "downturns" since, and you are right, a lot of those companies and jobs are gone particularly in the north-east.
However, in the last 6 years manufacturing output and revenues have grown steadily and the $/euro rate over the last 3 years has accelerated the trend.
Personally, I think the current rate is unsustainable, I think it looks like a speculative bubble that will soon burst. I don't think we'll see 1:1 in the near future, but 1.5:1 won't last.