Good news for Latin America: wages in China, Vietnam and other Asian countries are rising faster than expected, leading growing numbers of multinational firms to move their manufacturing plants to Mexico and other countries closer to the U.S. market.

Every few weeks, another major manufacturer announces plans to shut down production in China and bring jobs closer to home. Some companies such as GE (NYSE: GE) aim to boost production in the United States (GE will make hot water heaters in Kentucky, for example).

Mexico’s star is ascending these days. Nissan just revealed plans to spend $2 billion on a new factory there, which is twice as much as an automaker typically spends on a big new factory.