Overall, the economy may be on the verge of a recession — or already in one, depending on which pundit is speaking — but don't tell the PEO industry. Gross revenues for the professional employer organization industry shot up to $61 billion in 2007. That's a 15 percent jump from 2006, according to the National Association of Professional Employer Organizations (NAPEO).

For an industry only about 20 years old, with plenty of room to grow, that's a healthy number. PEOs cover around two million workers, NAPEO estimates. The average NAPEO member's client has 19 employees, but increasingly, larger companies are signing up, ranging from accounting firms and high-tech companies to manufacturers and government.

The PEOs gained a foothold in Florida during the drought years of workers' compensation capacity, when small and mid-sized employers were finding it difficult to obtain coverage. PEOs, with their ability to provide affordable workers' compensation insurance to these employers, were generally welcomed. After the inevitable growing pains and shake-out years, the industry has become an accepted part of the corporate landscape.