Israeli tech developers have become more expensive than their US counterparts for the first time in many years, according to a new study by the Israel Growth Forum lobby, raising fears that Israel’s vaunted tech talent and innovation savvy will grow and set foot elsewhere.

The cost of employing Israeli developers, such as software engineers and research and development workers, was found to be 8.2 percent higher than their equivalents in the US, according to the study put out by the lobby group representing public and private Israeli tech firms, including Wix and Monday.com.

The change in the cost of Israeli tech workers has been mainly attributed to the rapid appreciation of the shekel, which last month reached a 33-year high against the dollar and strengthened by some 20% year-over-year. The shekel is currently trading at roughly three to a dollar.

The strength of the local currency has been driving up the costs of hiring and expanding operations in Israel as local tech companies earn most of their revenue in dollars but pay expenses, including salaries, in shekels. The rapid change in the shekel-dollar exchange rate has been forcing tech exporters and startups to make tough decisions about sweeping layoffs, hiring abroad, and moving R&D centers out of Israel.

Over the past decade, by contrast, Israeli engineers were typically 10 to 15% cheaper than their counterparts in America, giving Israel an advantage in growing its vaunted tech industry and talent, according to the RISE Israel Institute, which focuses on economic policy.

Now, there are fears that Israeli-founded companies may leave Israel.

“Israeli technology companies will continue to compete, adapt, and grow,” said Michal Sarig-Kaduri, government relations manager for Wix, the Tel Aviv-based do-it-yourself website development company, who also heads the Israel Growth Forum. “The real question is........

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