Yes, Colt still manufactures handguns. A local dealer had a number of their 1911's in the case for sale. You just have to look for them.
All that said, I understand the feeling about finding a Colt 1911. I am told that Colt has all the orders they can handle and they were selling at a rate that out paced their production capability. For the most part, they sell fairly quickly when they hit the dealer shelf and are often sold before they hit their glass display case.