Stay on top of breaking news stories with the ABC11 News App
The incident happened about 11:15 a.m. at a site near Old Wake Forest Road and Triangle Town Boulevard.
The North Carolina Department of Labor, which is the agency investigating the incident, confirmed the fatality and injuries.
First responders said it appeared to be a dirt collapse during a digging operation.
The worker's body was recovered Tuesday afternoon.
Watch: Chopper11 HD live over the scene
According to documents from the City of Raleigh, the accident was on the construction site for The Piedmont Raleigh Apartments at 6100 Triangle Town Boulevard.
The building, which is being constructed by Harold K. Jordan & Company, is planned to be a four-story apartment complex with a total of 382 units. Harold K. Jordan & Company is a general contractor based in Apex.
According to Harold K. Jordan & Company, the man who died in the accident worked for Vertical Walls Inc., which is a subcontractor hired by Honeycutt Construction Services Inc.
Honeycutt Construction is the company contracted by HJK to do all the site work of clearing, grading, utilities, and paving.
Vertical Walls was preparing an area where a retaining wall was being built for a stormwater retention pond and excavating for wall construction when the accident happened.
"There are a lot of workers and employees, co-workers involved who are clearly quite upset very understandably," said Jeff Hammerstein with Wake County EMS. "And we're working with them to try to get the resources they need. Absolutely devastating for everyone involved."
The victim's name has not been released.
"Our heartfelt condolences go out to this worker's family and all those involved with the accident that occurred today," said Hal Jordan, president/founder of HKJ. "Our No. 1 priority is to always offer the safest workplace possible for our employees and subcontractors."
According to HJK, a safety consultant with OSHA visited the site in November to ensure that HKJ was in compliance with all current safety standards.
According to the North Carolina Department of Labor, the construction industry is the most hazardous industry in the state. There were 19 construction-related deaths in 2016 and 16 in 2017.