Some high schools and community colleges currently have woodworking and auto mechanic shops that are open for continuing adult education, as well as student vocational education.
But product fabrication facilities is a new idea that is making progress. High tech approaches to sensors, controllers, photovoltaics, LED lighting, etc. could spur advancement of innovation, as well as prepare the workforce for these cutting edge jobs.
CNC equipment like mills and lathes and a variety of other advanced tools and processes including biotech systems are needed to prepare people for the current revolution in manufacturing.
These shops might be seen as public extensions of local schools, essentially turning the shops of public schools into a public library of tools.
A few variations on this concept have been developed
Men's Shed, http://www.mensshed.org/
FabLab, http://fab.cba.mit.edu/
TechShop, http://techshop.ws/
100KGarages, http://100kgarages.com/
And books like David Morris' "Neighborhood Power: The New Localism" propose similar approached to distributed technical education.
A related article is "The Case for Working With Your Hands":
http://www.nytimes.com/2009/05/24/magazine/24labor-t.html
Note from the Australian Men's Shed Association: "Communities are keen to provide activities, identity and meaning for vast numbers of older, unemployed, job-redundant, 'downsized', isolated, depressed and happily retired, active, creative, enthusiastic men. Men's Sheds are fast being recognized as vital, viable places to fulfill these needs and provide relaxed, happy creative spaces for men to enjoy."