Wrong, IT is making a huge comeback here. There are various reasons, but the main one is that Americans have been at it longer and are more competent. Even customer handling is slowly coming back here as corporations have realized that an indian accent at the other end of the phone costs them customers.
IT has to be done right for overseas development and administration to work well, but General Electric has got that problem licked six ways from Sunday. Ask for an IT job at GE and they will laugh at you.